Purchasing a home, especially for the first time, can be a daunting task. Making the decision of buying versus renting is one you should consult an expert’s opinion on. There are both pros and cons to buying a property or continuing to rent. You should evaluate your own personal situation before you make a decision. This is an important choice to make, so do not rush into it without weighing the pros and cons.
The number one benefit of buying a home is the investment in your future. Instead of continuing to add money to your landlord’s bank account, the monthly mortgage payments are investments into your net worth. These payments gain you equity (also known as ownership) of your property. Since it is your property, you do not have to worry about a landlord raising rent. You are in full control of your situation when you own a home.
The main cons related to buying a home are the new monthly expenses of insurance, real estates taxes, and paying for upkeep on the property. These expenses are partially offset by the tax breaks you can receive from owning a home. The government wants and encourages home-ownership, as it creates stability and security for communities. This is the reason why there are so many tax benefits for homeowners. In addition to these costs, purchasing a home requires a larger upfront payment (also known as a down payment) relative to renting.
Again, remember to make a decision based on your situation and what you are comfortable with. If you are unsure what to do, consult an expert. Experienced real estate professionals can provide new perspective on your decision. They have seen every situation under the sun