Owning a home will always have financial advantages that far out weight the cost of renting a home or apartment in the Reno / Sparks Nevada areas. If you are a in favorable financial position to purchase a home, have good credit, have enough money saved for a down payment or if you qualify for a first time home buyers program, then you just might be interested in the following examples of the financial benefits to owning real estate in Washoe County, Nevada.
Why rent when you can buy?
1) Equity ~You cannot build equity in an apartment or rental property, in your own home you can. But Reno's real estate market is decline, how can I build equity if I am loosing money on my investment?
When you decide to buy in today's market you must have a plan to stay in the property until the market changes or longer. Remember, buying real estate in a declining market is one of the best times to buy.
You can get great deals on homes when the supply of real estate is high. The rule of thumb is to buy when everyone is selling and sell when everyone is buying.
2) Fixed Payment ~ Rent can be unpredictable. Your rent can go up each time your lease expires. Your landlord can raise your rent each time you have to renew your lease.
If you have to move, there are moving costs involved, cleaning fees to pay and deposits to be considered. When you buy a home, you only have to move into it once! And with a fixed-rate mortgage, the principle & interest payments never go up. Buying in a declining market also means low interest rates. Current interest rates on a 30 year fixed mortgage are under 5%.
3) Tax Deductions ~ Your rent payment is not tax deductible. The interest portion of your mortgage payment could be tax deductible and can lead up to a nice income tax return. Money in your pocket is another great reason to buy a Reno home! Mortgage tax deduction calculators will give you an idea of how much money you could save on your income taxes each year.
4) Privacy ~ Your apartment, condo, duplex all share walls, ceilings and/or floors with neighbors, strangers, pets and children. Where is the privacy in situations like these?
There is little or none! If you have had enough, then buying a home could be the best choice for you.
With single family home ownership you can enjoy the privacy of a backyard, front porch or your very own garage!!
5) Pride of Ownership ~ An apartment can feel only like a tempary place to stay.
Owning your own home gives you pride of ownership. It makes you feel like you are home. It is your investment and your home, if you maintain and take care of it, you are showing a pride of ownership.
6) Home Sweet Home ~ When you live in a rental you are limited to the changes you can make to both the inside and outside of the property. When you own a home, you are free to make it your own. Paint the interior walls any color you desire, wall paper or not, change lighting, fixtures, flooring, landscaping and so on.
There are many advantages of home ownership. The 6 reasons listed in this post are only a few that most people will think about when considering to buy a home in Northern Nevada. Sometimes renting is the right choice for you. But if you have weighed all the advantages that home ownership has to offer and are ready to stop throwing your money away by paying rent each month, why not consider buying now? Contact me or search Northern Nevada homes for sale for a complete list of homes for sale in this area.
What Are The Advantages of Owning vs. Renting A Home In Northern Nevada?
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