Is it better to rent or is it better to buy a home? That is the question that virtually everyone is asking these days. We at YHN Mortgage believe that it is way better to buy and here are some reasons why:
- Homeownership builds equity which equals long term wealth
- Overtime, your house value will increase, which means that you will build equity your home – this way, a home is very much like a long-term investment.
- Generally speaking, homeowners have more control over the renovations they can do to their living space than renters.
- Owning the space you live in means you have the freedom to customize your home as you like, without worrying about losing your security deposit.
- No landlord can kick you out
- Renters can face an unexpected eviction notice if the landlord suddenly decides to sell the home, rent to someone else or otherwise end the lease.
- Save money on taxes
- Owning a home means that you can save taxes by deducting your mortgage interests. Renting does not provide any tax incentive.
- You can take advantage of currently low interest rates and prices.
- Interest rates remain at historical lows, and at the same time, home prices in many areas remain accessible.
- Stop paying your landlords mortgage
- When you pay rent you are in essence paying your landlords mortgage. You could instead be investing that hard-earned money into your own house and begin building wealth. This chart shows how much of your money could disappear on rent over the years.
You work hard for your money, so why not make more of it work?
Nowadays, it’s easier to get a mortgage with as little to no down payment! Call us today and we can walk you through the entire mortgage process.