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Learn Why Buying a House is Better Than Renting

By Kate Ford

Republish: EasyPublish™
Published: 16Sep2008
Word count: 644
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Rare thinking people like you already know the advantages of owning a home of your own far outweigh the benefits of renting. At the conclusion of this article you will also have learned why owning a home is at the core of the American Dream.

I know that it's not always possible to buy a home for many reasons. But when the time is right buying a house creates many financial advantages that you cannot afford to overlook. I know. I have personally helped thousands of people buy a home.

The only advantage to renting is that sometimes you can rely on the landlord for maintenance responsibilities. But if you have been a renter, you know that relying on your landlord when the plumbing leaks or the heating and air conditioning goes out is never a pleasant experience.

The first and most obvious disadvantage to renting is that you lose the opportunity to create equity. When you pay rent what do you get in return? Well, of course, you get a roof over your head and a place to sleep but where does the money go? It goes into the pocket of the landlord. The landlord then uses it to pay the mortgage and over time he reaps the advantage of equity appreciation.

Instead of benefiting the landlord why not take advantage of building your own equity by buying a house instead of renting. Over time, the house increases in value and instead of paying the landlord who gets the benefit of creating equity, you enjoy that benefit.

Many people agree that home ownership is better than renting but feel that they can't afford to buy. But the government wants to help you with some of that.

Although the mortgage payment is often higher than renting the US Government wants you to own a home. So it allows you to write off a percentage of your mortgage interest payments when you file your yearly tax return. This significantly reduces your real cost of home ownership.

In addition you also have the opportunity to take your property taxes as a deduction against your income reducing your tax burden. Other deductions may also be available. I suggest you consult an accountant if you want more details.

Another disadvantage to renting is that rents continue to rise and they always will. You can count on that.

Owning a home is the best way to protect against rent increases. Then as your income grows you can plan for your future knowing that your house payment will remain steady. This benefit may seem small but eliminating the fear of rising home costs over a long period of time helps give many families the security to plan well for the future.

Another disadvantage to renting is the inability to freely decorate and landscape your home. Even if the landlord allows you to decorate, you are unlikely to create a style that truly reflects you. After all who wants to spend money to improve an investment belonging to someone else.

Owning a house of your own allows you to make it a home. You can paint inside and out with colors that you want. You can make improvements the way you like. You can landscape according to your taste. You can feel comfortable knowing your house is a reflection of your personality and style. We often call this pride of ownership and it's what America is all about at its core.

That is because buying a home, building equity, establishing financial security for our families, and expressing that in our communities makes us all better citizens.

Ultimately, having a place that we call our own is part of the American Dream. It makes us happy and isn't that what our forefathers meant when they wrote in the constitution that we have the right to life, liberty, and the pursuit of happiness.

Learn how Kate Ford, a mortgage insider, helps home buyers compare mortgage rates A must for buying a house, get the inside story on your mortgage rate lock

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