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How Does Purchasing a Home Compare to Renting?

Monday, March 22, 2021   /   by Mitch Stein

How Does Purchasing a Home Compare to Renting?

How does purchasing a home compare to renting? The two really don't compare at all. 

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.

Mitchell Stein
License# 02081632
Stein Team Realty - Keller Williams College Park
Mitchell Stein Dre# 02081632
2440 W Arrow Route #5C
Upland, CA 91786
DRE# 01885348

Based on information from California Regional Multiple Listing Service, Inc. as of May 22, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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