Some people are still stuck in a renting rut because they either believe they cannot afford to own their own home or do not think they can handle the responsibility of owning their own home. What they do not realize is that buying a home may be cheaper in the long run and owning a home may not have the same headaches as renting a home. There are many benefits to owning a home.
Cheaper in the Long Run
Owning a home may be cheaper in the long run versus renting a home from someone else. For one thing you are making a payment for an investment if you are paying on a mortgage and not paying someone else to live in their home. Another reason it may be cheaper is because the homeowner can borrow against that mortgage if they need to. If you are renting, you cannot do that.
You are the Manager
Being a homeowner means you are the manager of your home. This means you can do what you want with your home. You can rent it out for extra money and make home improvements if you need or want to. Making home improvements can mean a good investment in the long run because it can add value to your home when you are ready to sell it.
Tax Deductions
If you are a homeowner, you can use your home and property as tax deduction when tax time comes around. This means more money in your pocket.