Not sure whether renting or homeownership is right for you? See how the two stack up.
- With homeownership, your savings grow whenever you pay your mortgage. Sure, owning a home requires you to make a monthly housing payment just like you do as a renter. However, whenever you pay your mortgage, the equity in your house increases. Equity is a form of savings so as you pay your mortgage, you increase your wealth.
- With homeownership, rising rents are a thing of the past. With a fixed-rate mortgage, your mortgage payment stays the same while your rent is likely to rise year after year.
- Homeownership gives you tax advantages. The Internal Revenue Service lets homeowners deduct what they spend in mortgage interest and on property taxes each year when they file their tax returns. That means you might get a higher tax refund! On the flip side, you don’t get any tax deductions for paying your rent.
Is homeownership starting to look better to you now? Call HomeFree-USA to take your first steps to becoming a homeowner now.