Owning a home is a dream for many people but it can also be a scary process. Besides being able to do what you want and decorate how you like, there are many other benefits to home ownership. Home ownership is actually an excellent way to get ahead financially and is considered affordable when a household pays less than 30 percent of their income towards housing payment. The impact of owning a home and having affordable payments is powerful, but it’s not just about owning a house. It’s about having a home, strengthening a community, and building the foundation for a better life.
BUYING
- Equity of property becomes an asset and appreciates in value
- Owning allows you to make your house a home through improvements
- Positive tax ramifications
- Fixed-rate means stable mortgage payment
- Payment eventually ends
- Control how long you want to live there
- Paint the rooms any color you want
- Pets are ALLOWED
- Monthly payments build equity which allows you to establish an equity line of credit
- Cash Investment
- Maintenance and costs
- Mandatory homeowners insurance
RENTING
- No maintenance required
- Avoid depreciating value
- Amenities included.
- Appliances and utilities are sometimes included in monthly payment
- No tax benefits
- Monthly payments increase between 2-5% per year
- Paying your landlord’s mortgage
- No equity or financial gain in the home you live in
- Can’t make changes you’d like to with the property
- Locked into lease
- Pet deposits and restrictions on types of pets
