The Benefits of Buying and Limitations of Renting

Buying

The Benefits of Owning

It’s no secret that there are some major benefits that come with owning a home. Among some of the biggest benefits are the monetary factors involved. For instance, despite the change in taxation, you can still take advantage of excellent tax deductions for your mortgage interest paid. Specifically, mortgage interest on loans is deductible on the first $750,000 of acquisition debt on primary and secondary residences.

Along with the tax benefits, you can also enjoy fixed mortgage payments at a 4 percent interest rate, but that’s only if you get into the market before the fed raises rates towards the end of this year. Lastly, you can expect to see an increase in value over time, which means you’re more likely to get more for your home when you sell. 

Sound like a win-win so far? That’s only the half of it. Some other benefits include, the ability to decorate, remodel, and design your home the way you’ve always dreamed of and the only approval you’ll need is your own. Your house will become a home, rather than a temporary living situation, and with that will come the peace of mind to call someplace your own for years to come. 

The Limitations of Renting 

While it may seem like the more cost-effective solution to housing, renting is actually not going to save you much money in the long run. Without a mortgage payment, you’re unable to receive interest payment deductions and your monthly rent has no capitalization. So, your money is disappearing rather than multiplying in your favor for a long-term investment gain.

You’re also faced with the challenge of living in a place “as is” without the ability to make any changes unless approved by the landlord. Rent is usually subject to increase the longer you stay in one place, and some rentals may be temporary with a 30-day notice to vacate. Leaving you looking for somewhere new to live, without much time to find the right place that fits your lifestyle.

At the end of the day, many people choose to rent because they feel they can’t afford to buy a home. But, when you compare the benefits to the limitations, the overall cost is truly worth it if you plan on staying in the same place for an extended period of time.

Buying a Home in Orange County

If you’re ready to take the next step towards becoming a homeowner, now’s the time. With interest rates on your side, and an experienced real estate agent to guide you through the process, you can find the home within your budget that will maximize your investment.

You’ll work with one of the best realtors in Orange County when you work with Rosemary Hieber. With more than 18 years of experience and a vast understanding of the local market, she can help you find the home of your dreams in a neighborhood you’ll be delighted to retire or raise a family in. Call her today at 949-285-3215 to learn more about the neighborhood you’re interested in.

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