Give yourself some credit It has often been said that owning your own home is the "American Dream." Many people dream of owning a home, but aren't sure if buying is the right choice for them.
If you are stuck in the dilemma between buying or renting, you should weigh the advantages and disadvantages of each in order to decide what is best for you. Most people are afraid to buy because they think it is a more expensive option than renting. However, when considering the benefits of buying, you may find it may be a much better financial decision in the long run.
Your first instinct when comparing buying to renting may be to think that monthly rent will be cheaper than a monthly mortgage payment. That is often not the case. There are many loan products available, and you may find one that is equal to, or only slightly more than, what you currently pay in rent.
An added bonus is that after 15 to 30 years, your mortgage will be paid off and you will no longer have to make monthly payments, essentially living in your home for "free," rather than continuing monthly rent payments.
Another advantage of buying is that you will build equity over time, regardless of whether your house increases in value. The tax savings you will gain are also a bonus. When you rent, only your landlord receives tax breaks on the property where you reside. By buying, you can re-invest the tax savings you will earn into your home or spend the money however you choose.
One of the biggest perks of being a homeowner is having the freedom to make decisions about how you live. Renting often means limitations in home decorating, pets or landscaping.
When you buy, you are free to paint as often as you want in whichever colors you want, you will not have to pay a monthly fee for your pet and you can plant trees, shrubs or whatever you may choose. No one will be able to tell you what you can and cannot do. After all, you are the property owner.
Though you will reap many advantages from home buying, there is nothing wrong with renting, if you feel it better suits you. Less home maintenance is required, you do not have to worry about selling when you move out and there is no way to lose equity.
Weigh the pros and cons of both buying and renting and choose what you think is the right choice for you. If you think high expenses are standing in your way of becoming a homeowner, think again, because buying often proves to be a great financial decision. And in today's market, it has never been a better time to buy.
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