Believe it or not, there are many more benefits to buying a home rather than renting one. The ownership of the home is just one overriding benefit, but there are actually many more that need to be considered. For example, buying a home actually entitles you to more tax benefits than just renting a place.
Buying is somewhat similar to renting in the payment structure that you have. When you purchase a home, you are going to take out a loan in order to pay for that home. Once this is done, then you are going to pay back that loan (known as your mortgage) over time. You pay it on a monthly basis, and in this way, it is just like paying your monthly rent. The only difference is that you now own the home that you have purchased rather than just renting a place out. You are then welcome to resell the home if you would like to another willing buyer. That is a nice way to make some profit for yourself if you so choose. Otherwise, you can decide to live in the home for yourself and do whatever you would like with it. You don’t have to worry about an restrictions put into place by a landlord.
There are many benefits to owning a home rather than renting one. They cannot all be detailed in this short entry. If you would like more information about the benefits of buying over rent, feel free to give me a call.