According to the Pew Research Center, more people are renting today than at any point in the last 50 years. Based on data from the Census Bureau, the study found that there was growth of the number of households, but the number of homeowners remained pretty much the same. This raises the question: Is it better to rent? In response to this, we’ve compiled a list of benefits to owning your own home. While renting offers benefits like having little to no maintenance and no property taxes to pay, owning offers a long-term investment. For Woodridge real estate ownership benefits consider the following points.
“You Mean I Can Keep It?”
This is probably the best benefit of owning a home: it’s yours. Would you like to renovate the kitchen? Go ahead. You’d like pink paint for your daughter’s room, no problem. When you own your house you can truly make it into a home. Let your walls reflect your personality. You can make changes to best suit your family. Perhaps an addition will be needed in a couple years, or the bathroom is out of date. When you own your home it is yours to shape it however you’d like.
Another benefit of owning a home is that you are investing your money. When you rent you are basically paying to live in a place for a period of time. When you decide to move you won’t be getting any of that rent money back. However, when you own a home every payment you make will be invested in something that will appreciate and provide a return for you in time. When you need to move you’ll be taking the money from the sale of your house with you.
Owning a home is also typically less expensive than renting. This might sound surprising given the down payment, property taxes, and other costs involved in owning a home. However, when it comes to the regular monthly payments paying rent is more than a mortgage payment in many places. This is not the case everywhere, however, it stands true in many suburban and rural areas.
Another financial benefit of owning a home is that you will be able to get a home equity loan in time. This is where you can use the equity in your home as collateral for a loan. Perhaps you want to do some home renovation or take on a side project that will need some funds. Borrowing against your home is a benefit that can be of real help down the line.
There are also several tax benefits to enjoy when it comes to owning your home. For example, your property taxes and accounting costs are tax deductible. Owning a home is also an investment in your community. Your tax dollars will be going to local schools and community development. This means that you can play a part in the growth of your town.
For help finding Woodridge real estate contact one of the premier Woodridge real estate agents, Shanon Tully today!