With the housing economy slowly making a recovery, there hasn’t been a better time to purchase a new home. Many people are facing the decision to continue renting or purchase a home of their own. After all, buying your own home is the American dream!
Here are two advantages of home ownership.
1. Build equity in your home: Every month when you make your mortgage payment, you build equity in your property. After several years of owning your own home if you decide to sell, there is a good chance you will make a profit from the sale. When you pay monthly rent, you really have nothing to show for it.
2. Tax benefits: There are several tax advantages to owning a home. The biggest advantage is gaining the ability to itemize your deductions. Property taxes and major improvements to your home may be deductible.
Here are two advantages to renting.
1. Lower maintenance expenses: The majority of major maintenance repairs are the landlord’s obligation. You won’t have to spend a lot of time on home repairs or face costly repair bills.
2. Lower rent payment: Chances are your rent payment would be cheaper than a mortgage payment. This gives you more money every month to save or spend as you see fit.
Home ownership is a big decision so take the time to research buying a home before deciding if it is right for you.
To find the right loan for you, contact the mortgage specialists at Midland Mortgage Corp. Call 803.765.1680 or toll –free 800.854.9484 today.