The decision between buying a home and renting one is among the major financial choices that many adults make. Being a homeowner however, remains cheaper than renting nationally across the United States. Here are some of the benefits to owning a home vs. renting a home.
-When you pay rent, you are paying your landlord’s mortgage or adding equity to his or her bank account. You also have no control over the instability of your rent, which causes long-term budgeting to become more difficult to handle over time.
-When you have a home mortgage, you boost your degree of ownership in your home with every payment.
-If interest rates drop, you can refinance your mortgage at more favorable rates, or, once you’ve paid the entire mortgage off, borrow against the equity in your home to fund major purchases such as a second home or your child’s education.
-You can also deduct the mortgage interest as well as your property taxes; renting a home does not give you this bonus.
-If you live in a house, you can decide how to approach maintenance, either doing it yourself or picking your own contractor. When you rent a home you pay a monthly fee to have maintenance work covered by the association’s contractors. As well as that, it may take a while for the association’s contractors to get back to you. By owning a home, you can stick to a maintenance contractor you trust.
-Another plus to owning a home is the creative freedom you are entitled to have. When you rent a home, you may not be allowed to paint the walls or hang the pictures and décor you want to have.
-When you own a home, you can let your designing dreams come to life and utilize the space to be exactly what you want. Essentially, you are truly living in your personal dream home.
Keystone Custom Homes offers beautiful homes at reasonable prices across central Pennsylvania and Northern Maryland. Some of Keystone Custom Homes’ most beautiful homes can be found nestled in Kelly Glen, the newest community in Harford County Maryland. Kelly Glen is an ideal location for commuters to Baltimore, Washington and Philadelphia. Additionally, the community also features trails for biking, running, and walking, making it the perfect place to call home.