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Homebuying Tips Advantages of homeownership |
Every year, millions of people just like you enter the exciting world of homeownership. But buying a new home can be overwhelming. For most of us, it's the biggest financial investment we'll ever make. The decision is easier when you discover the financial advantages and increased quality of life that come along with homeownership.
Still on the fence? Using the chart below, you can weigh the benefits of owning versus renting. Good, sensible information will free you from fretting about your big decision. Rest easy! It's time for you to stop pacing the floor 'til 4 am and start dreaming of your new home.
After a quick comparison, we think you'll agree there's no place like a home of your own.
| Own |
Rent |
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| Potential tax savings from your home and potential equity can be used to pay for your children to go to college. |
Your rent doesn't build a future. |
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| You are in control of your monthly payment. |
Your landlord controls your monthly expenses. |
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| Your pets have a yard to play in. |
Your pets are often unwelcome. |
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| You tend a beautiful garden. |
You water a couple of potted plants. |
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| You can try that new, designer painting technique in your bedroom. |
You live with someone else's taste. |
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| You do laundry whenever you feel like it. |
You have to scrape together quarters each week to do laundry. |
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| Your children can play in your yard. |
Your children play in a parking lot. |
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| Mortgage interest is tax-deductible. The IRS's loss is your gain. |
Rent is not tax-deductible. |
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| Each mortgage payment could go toward building a nest egg for your family. |
Every rent payment disappears forever. |
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| You have a garage. |
You search for parking in the street. |
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| You have space for your family and all your things. |
Your children share a room, and space is minimal. |
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| You have the pride of knowing you've accomplished a milestone. |
It's someone else's. |
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