As a current renter, you may be wondering if it is really worth buying a home instead of continuing to rent. Although buying a home is a major commitment, and might possibly be the biggest purchase you ever make, there are more added benefits of homeownership over renting.

Jeffrey Beattie with Alliance Mortgage Group is your local Centennial mortgage lender, and has listed below the top 5 benefits of buying a home over renting one.

1. Artistic Freedom:

Have you ever wanted to renovate your home, or paint the walls a different color, but couldn’t because your landlord would not allow it, or would charge you a fee for the alterations? Well if you own a home, then you have complete artistic freedom to change, fix, and decorate your home any way you would like. You will not have to receive permission from anyone. It’s your house, your rules!

2. Privacy:

Renting a home gives you less privacy because of the mandatory check-ups your landlord makes either once or twice a year. Also, if there is an issue, they will schedule the maintenance repairs when it is most convenient for them, and not you. If you are a homeowner, you will not have to be checked-up on regularly, and can schedule your maintenance visits whenever you like.

3. Tax Deductions:

The money you pay every month towards your rent has no added benefits, and you will never see that money again. By owning a home, you can deduct your Centennial mortgage interest and your property tax payments from your federal taxable income. This could save you hundreds of dollars every year.

4. Home Equity

Equity if the difference between your home’s value and your loan balance. So every time you pay towards your mortgage, you are building your home’s equity. This money can be used to pay for anything you’d like, such as: more real estate, home improvements, education, pay off debt, or for travel.

5. Stable Payments:

If you obtain a fixed rate mortgage, you will have stable payments that will never change throughout the duration of your loan period. If you rent, your landlord has the right to change your monthly payment, annually. This not only means you could end up paying more money every year, but it also makes it more difficult for you to accurately budget.

For more information on why buying a home is more beneficial then renting, or to get started on your application today, please contact your Centennial Mortgage lender. Jeffrey Beattie with Alliance Mortgage Group would love to work with you and help finance your dream home. So don’t wait, get started today by calling 720-598-0506.

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