There are great advantages to owning a home, yet many people continue to rent. The financial benefits are just some of the reasons why homeownership has been a part of the long-standing American dream.
Realtor.com reported that:
“Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option…as people get more savings in their pockets, buying becomes the better option.”
Why is owning a home financially better than renting?
Here are the top 5 financial benefits of homeownership:
- Homeownership is a form of forced savings.
- Homeownership provides tax savings every year for you.
- Homeownership allows you to lock in your monthly housing cost.
- Buying a home is less expensive than renting.
- No other investment lets you live inside of it.
Studies have also shown that a homeowner’s net worth is 44x greater than that of a renter.
A family that purchased a median-priced home at the start of 2019 would build more than
$37,750 in family wealth over the next five years with projected price appreciation alone. (That's not counting the other financial benefits.)
Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment – along with a profit margin!
I will even let you sell it for free (I won't charge you on the selling end) if you disagree within 2 years of buying a home; so you don't feel stuck or tied-down!! *(2-year-love-it-or-leave-it guarantee)
Owning a home has many social and financial benefits that cannot be achieved by renting. Besides, if you have to stay there a while (like during quarantine) don't you want to be able to fix it up the way you can enjoy? Reach out to me to determine if buying a home is your best move. I'll even review with you if you need a down payment at all!