It’s a debate that has been going on for a long time. When deciding where to live, should you rent or should you buy?

There isn’t an answer that is right for everybody, but in most cases you are better off buying. The benefits of homeownership consistently outweigh those associated with renting.

Check them out for yourself below:

You Can Still Get a Great Deal

Right now it’s still a buyer’s market, compared to 2006. We are still in the biggest housing bust in modern history and, according to Standard & Poor’s Case-Shiller Index, which tracks home prices in 20 big cities, housing prices are about 30% down from their peak.

Plus, mortgage rates are great! Right now you can get a 30-year loan for around 4.25%.

Don’t expect to see rates like this again once inflation goes up!

If you’ve been in the market for a new home, now is the time to buy. We suspect home prices and mortgage rates will simply continue to go up in the foreseeable future.

You Get a Break at Tax Time

When tax season approaches, homeowners can rest easy knowing that they can deduct their mortgage interest from their income taxes!

Real estate taxes are also deductible. Ready to sell your home? No worries there. You get a tax break on any capital gains when you sell as well.

Our tax system rewards those who own as opposed to renting. Buying a house allows you to benefit from those rewards.

Inflation Insurance

Inflation is a fact of life. It’s right up there with death and taxes. Things are going to get more expensive in the foreseeable future.

When you are renting your payment can be raised at any time. The rate you are paying now will be far different from the rate you pay 10 years from now.

When you buy, this isn’t the case. Buying a home ensures you are locking in your monthly payment. That means you don’t have to worry about inflation. It is easier to plan your budget because you know what your payments will be and you can have confidence that you will be able to afford those payments.

When You Buy a House, It’s Yours

Perhaps the greatest benefit to buying a home is that it becomes yours. You own it and you can do what you like with it!

Want to knock down that wall between the living room and kitchen? Want to paint the bathroom bright purple? Want to rip up the carpet and put in tile? Do it!

Most landlords are not going to be ok with those types of changes. However, in your own home, you are free to do what makes you happy. That is a benefit you can’t put a price on.

Home Equity

Finally, when you buy a home every mortgage payment you make builds equity.

Paying $1,500 per month in rent? You will never see any of that money again.

Paying $1,500 in a monthly mortgage payment? That $1,500 isn’t gone; it’s equity in your home that you’ll get back when you sell it. And if you don’t plan on selling, you can still use that equity if you need to take out a loan to finance education, a vacation, or any other expensive purchase.

Building equity is definitely preferable to having your rent payment leave and never come back.

Looking to Buy a Home? Turn to ARC Realty

Buying a house has never been easier, just turn to ARC Realty! Take a minute to check out our professional real estate agents profiles.

Contact the home buying experts at ARC Realty today and let us make your dream home a reality.