Top 3 Big Benefits of Owning a Home vs. Renting One

owning a home

The number of homeowners has always been higher than the number of home renters, although those numbers have fluctuated over the years.

For example, the year 2016 saw more renters than there have been in the last 50 years—about 36.6%. Still, that doesn’t mean the desire to rent isn’t there; in fact, it’s also at an all-time high of its own. An astounding 72% of renters say that owning a home is a future goal of theirs.

Additionally, 32% of those renters are only doing so for financial or circumstantial reasons. Does this sound like you? Are you a home renter ready to take the next step in your home-buying journey?

The following benefits of homeownership will put some pep in your step!

1. There’s an Undeniable Stability That Comes With Homeownership

Many renters cite flexibility as one of the perks of renting. They can move with no penalty (for the most part) and aren’t committed to one location.

But after a certain amount of time, having a place to call “home” becomes invaluable—and that’s one of the many intangible but significant reasons to buy a home. When you own a home, you become much more connected to a place, its community and its members, and your place in it.

Homeownership grants stability, peace of mind in the face of other imbalance, and the pride of living in a place you own, love, and maintain.

2. Buying a Home Offers Tax Advantages

While buying a home might cost more initially, several financial perks come with homeownership. One of the major reasons why is because your taxable income lowers—especially true if you keep all your itemized receipts of home improvements, updates, and renovations.

Depending on your situation, you may be able to take several tax deductions, such as:

  • Real estate taxes
  • Mortgage interest
  • Certain home improvements, such as using solar or clean energy
  • Private mortgage insurance, or PMI

These are only a few examples of deductions you might be able to use. You might also qualify for various tax credits, such as mortgage credit.

3. There’s Still Flexibility in Homeownership

The commitment of homeownership is something that might feel heavy to renters—but have you considered how owning a home can actually encourage your creativity?

When you’re renting a house, you’re extremely limited on what liberties you can take, whether that’s a new coat of paint or tearing down a wall to open up your living room space. Improvements rely on your landlord—whether they align with your tastes or not. Want new appliances? You might have to wait . . . forever.

When you own your home, the options are limitless. Paint your front door red, get new vinyl siding, or add a pergola to your backyard. Have fun and turn that house into a home!

Owning a Home Is a Key to a Long and Supported Future

If you weren’t convinced before, you likely are now.

Not only does homeownership grant you stability—no more moving boxes! no more scouting apartment complexes!—but it offers the perfect balance of flexibility—you can decorate and update as you see fit. You’re also granted the opportunity to become friends with your community, support your neighbors, and establish a presence in a hometown you love.

Speaking of owning a home . . . Why wait?

Click here to speak to the LizLuke Team about buying the home of your dreams in beautiful Alexandria, VA.