The 4 Top Reasons I Prefer Owning to Renting
Homeownership is better for me for several key reasons -- but it's not right for everyone.
Purchasing a home was always one of my major life goals, and I bought a house as soon as I was financially ready. Now that I'm a property owner, I'm even more convinced that this was the right move for me.
Here are four big reasons I prefer owning my house to renting a place.
1. I can't rent the type of house I want
It's very important to me that I have land around my house, because I have dogs and I like to garden. With children and a large extended family who likes to visit, I also need plenty of space indoors. And I work from home, so I need a house where it's comfortable to do my daily tasks.
Renting a house that meets all of my specifications would be almost impossible, since the types of properties I'm interested in don't often come up for rent. But by buying, I can get exactly the type of house and lot that makes me happy.
2. Homeownership helps me build wealth
Each time I pay my mortgage, I acquire more equity in my home. My house is a valuable asset that becomes worth more over time as the property value grows, I pay down more of the debt, and the bank's ownership interest shrinks.
Eventually, I'll own my house outright, which will be worth quite a bit. I can sell it if I want to, and put the money into my retirement account. Or I can stay put and live mortgage-free as a senior. In either scenario, my house will make me more financially secure because it's served as a wealth-building tool.
3. I can claim tax breaks for homeownership
Because I itemize when I file my taxes, I'm able to claim a tax deduction for the mortgage interest I pay, as well as for my property taxes.
This helps reduce my taxable income -- and these are some of the few deductions I qualify for, so they provide some options for tax savings. My house doesn't cost me as much because the government's tax benefits subsidize some of the expenses.
4. I can put my stamp on my home
FInally, I can personalize my home in ways I never could if I was a renter. I've done a lot of gardening, and my yard has many established plants and trees I wouldn't want to risk leaving behind if I was a renter. I've also painted and tiled to my taste, doing fun things like putting in a dog bath with tiles that have pictures of my pups.
None of these things would be options if I rented my space. Since owning my home makes me happy and helps me improve my financial situation, it's a win-win.
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