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Lately, many people have been asking me, “What’s the benefit of owning a property compared to renting a property?”
One big difference between owning and renting is that a homeowner can do whatever they would like with the property. If you want to put in a fence, paint a room, or do anything else, you’re in a much better position to do those things than a renter. You have significantly more freedom in that sense.
Also, as a homeowner, each payment you make created equity in a home. As a renter, that $1,000 monthly payment is essentially going out the window. Yes, that money puts a roof over your head, but you’ll have nothing to show for it when you move. Owning a home is an investment, instead of paying off a landlord every month.
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Owning a home helps you build wealth.
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Now, as an owner, if you buy a home for $100,000, you will owe less on the property when you move. Not only that, your home will appreciate in value. You might not get all your money back, but you will be better off than you would be renting.
Finally, owning a property comes with certain tax benefits, like writing off mortgage insurance. You can’t take advantage of those benefits as a tenant.
If you have any questions, give me a call or send me an email. I would be happy to help you!
