To Buy or To Rent? | Raleigh Real Estate Agent
It’s an age-old question that many Americans ask on a daily basis: Should I buy or rent a home? While it’s honestly just a preference, there are advantages to owning a home, versus renting one. One big advantage of owning a home is extra space. It’s rare to find a home for rent that is large enough to accommodate you, your family, pets, and all your belongings under one roof.
One of the biggest reasons people are worried about buying a home is how much it might cost them. While it depends on the location, size of the home, and comparable homes in the area, you can usually find a home that will fit your needs for lifestyle and financials.
How much can you afford to spend on a home? In general, you could spend as little as 20 to 25 percent of your income per month, on housing and the utilities it takes to power it. Many homeowners allot at least 35 percent of their incomes to housing.
Becoming a first time home buyer is something that requires lots of thought and consideration. While it might seem like a good idea to your friends and family, you have to carefully consider all the benefits of buying a home. Below, you'll find a few benefits that will help you make your decision.
Benefits of Buying a Home | Raleigh Real Estate Agent
It’s Your Own Home. Buying a home gives you a sense of accomplishment. As long as you can afford to purchase a home by getting a fixed mortgage loan, you’ll have the security of knowing you have a home to live in. You don’t have to answer to a landlord and you don’t have to worry about rental units anymore.
You Can Make It Your Own. One disadvantage of renting is not being able to customize your living space to fit your lifestyle. When you own your own home, you can make changes to fit your needs better. You can also decorate and make cosmetic changes to your home to fit your personal style, as well. With a rental home, even if you are allowed to paint the walls your favorite shade of lilac, you’ll more than likely have to cover it up when it’s time to move out.
Other benefits include:
- Property Tax Deductions
- Home Appreciation
- Mortgage Interest Deductions
- Preferential Tax Treatment
- Capital Gain Exclusion
- Equity Loans
Buying a home offers many benefits to first time home buyers. If you're still worried about purchasing your first home, visit back with our blog soon. Our Raleigh real estate agent will offer a few more tips and benefits for those contemplating purchasing a home for the first time!
If you're interested in talking with a Raleigh real estate agent about purchasing your first home, feel free to contact Roark Premier Team! We are here to help you find the home of your dreams!