Top Reasons to BUY vs Lease | The Bly Team | RE/MAX Space Center
1. You never have to speak to a Landlord again.
When leasing a property, you find yourself having to rely on the Landlord when repairs need to be made. When you are forced to wait, repairs may become more severe. The only pro to this situation may be that the cost of the repairs aren't coming out of your own pocket. When owning the property, the ball is in your court and the repairs are now your responsibility, but more than likely will be taken care of in a prompt manner depending on urgency. Renters can also face unexpected eviction if the Landlord suddenly decided to place the home on the market, rent to someone else or otherwise end the lease. If you are the home owner - you make the decisions.
2. You can customize your living space.
Whether you decide to paint the walls exotic colors, knock down a wall to expand a room, or plan to remodel your bathroom - owning the space you live in means you have the right to do so, without worrying about losing the security deposit that renters are forced to put down.
3. Unlike Rent, Fixed mortgage can't go up.
Your mortgage rates cannot go up, even if the cost of everything else, does. If you are able to lock in low monthly mortgage payments then you've just taken a step in protecting your home and family against inflation.
4. Homeowners buy less furniture.
Often when you are renting, you are forced to buy furniture that fits the limited space you are living in. If you are one to move often, you end up buying more and more furniture. If you purchase a home and plan to be there for the long run, you may be able to purchase a nice set of furniture that will stick around for the long haul.
5. You can incline energy efficiency.
When renting, you can make plenty of green improvements on your own. For example - Turning off lights, turning off the TV when you leave the house or unplugging appliances. Homeowners can make a large difference such as installing a energy-efficient roof, sealing ducts, adding insulation upstairs or even adding solar panels. (Now, a renter living in a one bedroom apartment or townhome may be using far less energy than a home owner with three to four large rooms)
6. Last but not least - Homeowners can take out Tax Deductions.
The Tax benefit of home-ownership is the ability to deduct mortgage interest payments.