The Key Differences Between Renting And Buying A Home

Buying a home is seen as a great way to build wealth. However, like any investment you make, certain things will affect its value (e.g., economy, maintenance, environment, interior, exterior). These factors will also affect anyone who’s renting a home since the landlord may pass the price on to them. What Buying a Home Means When you buy a home there are many things you must take into consideration. It’s important to stop and think about these things before you sign any contracts. Doing so is in your best interest because once you sign the contract it’s too late to look back. Tax Benefits There are certain tax benefits homeowners benefit from. For instance, with the home mortgage deduction, you won’t pay any expenses out-of-pocket during the loan’s early life as long as you itemize your deductions. This is different from renting because then you don’t receive any mortgage tax deductions at all. Maintaining and Repairing Your Home When you buy a home you’re responsible for any maintenance and routine […] Continue reading