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With so many factors to consider, deciding whether to buy or rent can be challenging. That’s why we’ve compiled some information from the Tennessee Housing Development Agency about the advantages of both options to help you make an informed decision.
Advantages of Owning a Home
1. Fixed Long-Term Costs
With a fixed rate mortgage, homeowners know what their principal and interest portions will be for the remainder of the loan. The only exception is if there is an increase or decrease in property taxes and insurance costs. The predictability of a fixed rate mortgage makes long-term budgeting much easier.
2. Tax Benefits
The yearly property taxes and loan interest you pay is deductible on your income taxes. This can result in an overall decrease in income taxes due.
Buying a home is an investment. As you pay your mortgage, you should accumulate equity in your home, which is representative of your ownership of your home. Depending on how long you have been making mortgage payments and whether or not the value of your home has appreciated or depreciated, you may have equity in your home when you decide to sell.
4. Environmental Autonomy
Owning your own home means you have complete control over your environment. When you get to make the rules, you can own pets, make changes to your home, and more at your own discretion without having to seek the approval of a landlord or property manager.
The sense of permanence that comes with owning your own home often creates feelings of long-term stability that may make it easier to plan for the future and develop roots within your community.
Advantages of Renting
1. Monthly Costs
Depending on where you live, the monthly cost of renting may be lower than the monthly costs of a mortgage, utilities, and maintenance that accompany owning a home.
2. Repairs and Maintenance
As a renter, you do not have to bear the responsibility of maintaining your house and the surrounding grounds. You can leave the time-consuming and financial burdens of emergency repairs and preventative maintenance to your landlord.
While owning a home provides the opportunity to accumulate equity, it comes with no guarantees. Markets fluctuate. If the value of your home decreases and you try to sell before you’ve paid off your loan, you’re stuck paying the difference between your net proceeds from selling the house and the balance on your mortgage.
4. Access to Amenities
When you’re renting, you have the option to consider apartment complexes or communities that come with access to extra facilities like gyms and pools.
5. Increased Mobility
As a homeowner, you’re responsible for the home and your loan. You can’t just abandon your monthly payments without facing long-term consequences. However, as a renter, you have more freedom to pack up and move on a short notice.
There are advantages to both owning AND renting. Ultimately, you’re the only one who can decide what’s best for you, but if you’d like to learn more about the options specific to your market, contact a BRP agent today!