With the New Year, one of your resolutions might include buying a home in California. If you are currently renting and aren’t sure if buying is the right option for you, you can weigh the pros and cons before making a decision. Here are a few reasons, according to US News, why buying a home is better than renting.
Energy efficiency is becoming more and more important to the general public. When you rent a home, you do not have the option to upgrade appliances or air conditioning units. When you purchase a home, you can change your appliances, upgrade your HVAC, and even install solar panels to save energy. You can also write some of these items off on your taxes.
You can do what you want to your home. When you rent, you need permission to paint, or change anything in the home. When you purchase a home, you can paint every room if you would like to, change the flooring to your preference, build a deck, add a pool, or even tear down walls to open up your spaces. You have the freedom to do what you want to in your new home.
Sometimes when you rent, you need to purchase furniture every time you move to fit the space. When you buy a home, that stops and you can buy furniture that fits only your home.
Investing in your future is very important. Real estate is a great investment as you can see in an earlier post on Creating a Safer Retirement with Real Estate. Putting money into your home every month by way of paying your mortgage, you are inadvertently saving for your future. If you decide to sell or rent your home, you will have equity that you can use towards whatever you need at that point in your life.
When you own a home and something breaks, you don’t have to wait for anybody else to take charge. You will be in charge of the cost of the repair, but you are also able to take care of the problem immediately without waiting. You can also reduce your maintenance costs by purchasing a Home Warranty.
Having a landlord can be a constant struggle. Sometimes you might not have a good relationship, and sometimes they might decide that they want to sell the home you are living in. When you own a home of your own, you don’t have to worry if you will have to move at the end of your lease, or if the rent will be increased with the New Year. Fixed mortgages don’t go up because you are locked in at that rate for the term of your mortgage.
Another great thing about owning a home is the tax deductions. You can deduct all of the mortgage interest that you pay every year. As stated above, you might also qualify for energy efficiency deductions.
Once you have weighed the pros and cons of buying a home, we at Haylen Group are here to help you with all of your real estate needs! If you are unsure what your options are, call Helen Chong at (408) 800-LIST or email at Helen@HaylenGroup.com. You can also visit us at our website for available listings and additional information.