Monday, March 22, 2021 / by Mitch Stein
The biggest advantage to renting is being free of most maintenance responsibilities. However, by renting, you are missing out on the opportunity to build equity in your home. You also miss out on the opportunity for tax benefits by owning your home. You are unable to protect yourself from rent increases.
Owning a home has many benefits. Every time you make a mortgage payment, you are building equity in your home. The equity in your home increases your net worth. Owning a home also qualifies you are great tax breaks that can assist you in dealing with your new financial responsibilities such as insurance, property taxes, and upkeep. Even though these may seem like daunting responsibilities, the freedom, stability, and security that you get from owning your own home make it worth it!
So if you're thinking about buying a house and want to learn more about the home buying process, please give us a call at 909-255-1070 for a free consultation.