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Top 5 Reasons to Buy vs. Rent
Buying a home has several advantages over renting according to the document. It allows for creative freedom to remodel and decorate as desired. It offers investment potential through home appreciation which can outpace other investments. There are also tax benefits like deducting mortgage interest and property taxes which can make ownership more affordable than renting. In addition, mortgage payments remain fixed unlike rent which can increase, and homeownership acts as forced savings by building equity over time rather than benefiting landlords.
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Top 5 Reasons to Buy vs. Rent
- 1. 5 Top 5Reasons to Buy vs. Rent
- 2. Wondering whether youshould rent or buy? Here’s a look at why buying might be the better choice.
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- 4. Owning your homemeans you can do anything you want with the property, like paint your kid’s room orange, replace the carpet with wood or completely remodel the kitchen.
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- 6. 100 Appreciation is basedon your home’s total value, so it can outpace the gains you might see from investing your down payment cash elsewhere, like in the stock market.
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- 8. $ Homeowners can deductmortgage interest and property taxes on their tax returns each year. This significant savings can often make the cost of owning equal to (or less than) renting.
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- 10. When renting, youmay be subject to annual rent increases with each new lease signing. But if you get a fixed-rate mortgage on a home, your mortgage payment can never change.
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- 12. Paying your mortgageevery month is like a forced savings account – you’re investing in your home, and its value increases over time – while a renter’s monthly payment goes directly to a landlord.
- 13. Want to learnmore? Check out zillow.com/mortgage-learning/