Buying a home is oftentimes cheaper than renting one. There are a ton of other benefits to buying, too.
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There are many benefits homeowners get that renters simply can’t. Here are 10 advantages of buying a home over renting one:
1. Predictable monthly house payments. Your landlord can change your rent each time your lease is up. With a mortgage, your payments are fixed for a period of usually 15 or 30 years.
2. Appreciation. Real estate appreciates about 3% per year on average.
3. Tax benefits. You can write off your mortgage interest on your taxes, which you’ll be paying down a lot in the first few years you own the home.
Real estate appreciates about 3% per year.
4. The freedom to make modifications to the home as you see fit.
5. Buying is typically cheaper than renting, especially in the northern Virginia area.
6. Increased privacy. You can find a great property around here on a one- or two-acre lot. A lot of rentals end up being apartments.
7. You can build up a lot of equity in your house. If you ever need it, you can tap into the equity of your house to either make another purchase or sell for a big profit.
8. Community ties. There are a lot of active communities to get involved with as a homeowner. If you’re going to be in the area for a couple decades, meeting the neighbors isn’t a bad idea.
9. Secure retirement. By the time the mortgage is paid off, the payment is gone and you can sell to make retirement a lot easier.
10. You are the owner. This kind of goes back to No. 4, but there is a lot you can do to modify and personalize your home to your tastes that you wouldn’t be able to get away with if you were renting.
If you have any questions for us or you’re looking to buy or sell a home in northern Virginia, give us a call or send us an email. We look forward to hearing from you.
