As the weather gets colder and the leaves start to change color, many people start to think about finding a new place to call home. Renting a home has become increasingly expensive, and many find that they can afford their mortgage payments and a place to call their own. Owning a home offers more security and stability than renting. There are some clear advantages of owning a home that you should consider. Here are 7 reasons why buying a home is better than renting one in Fall River, MA:
1) When you purchase a home, you are building equity.
Each mortgage payment you make goes partially towards your loan’s principal, which builds equity. Once you’re done paying off your mortgage, the money going towards equity will be freed up to use elsewhere, for example, making home improvements or taking care of repairs. If you’re renting, on the other hand, your payments are going entirely to the landlord, and you’re not building any equity.
2) Over time, home prices increased in value.
In most markets, home prices appreciate at least the inflation rate each year, if not more. This means that, in addition to the equity you are building, your home will likely increase in value. When it comes time to sell, you will likely receive more for your home than you paid for it initially.
3) You may be able to deduct the interest on your mortgage from your taxes.
The interest you pay on your mortgage is generally tax-deductible, while rent is not. This can lead to some excellent savings come tax time each year. Consult with a tax professional to ensure that this deduction can be applied in your situation.
4) Mortgage rates are at historic lows right now.
With mortgage interest rates staying at a record low for the past few years and not seeming to rise anytime soon, there’s no better time than now to buy a home while you can still afford the monthly payments.
5) You have more power over your living space when you own it.
When you own a home, you’re free to make changes as desired within the guidelines set by local zoning laws and homeowners’ association rules (if applicable). If you’re renting, any alterations require approval from the landlord and could result in losing your security deposit if not done correctly.
6) A sense of pride in ownership.
Knowing that you own your home outright is a fantastic feeling! You’ll feel a sense of pride and accomplishment when you become a homeowner.
7) Homes are better in Renting One in Fall River, MA
Owning a home rather than renting in Fall River, MA, has become increasingly popular in recent years. And for a good reason! Fall River, MA, is a fantastic place to live. The city has a lot to offer residents, including great schools, a variety of restaurants and shops, and plenty of things to do. There are also several parks and green spaces to enjoy. And, with Fall River being so close to Boston, you can easily take advantage of all the city offers without having to live there full-time.
Buying a home offers several advantages over renting one and is usually the better choice in the long run. If you are currently leasing or considering renting, consider the pros and cons before deciding. If you’re ready to take the plunge into homeownership, contact us today – we’d be happy to help you find the perfect property!
