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Why You Should Consider Buying Over Renting.

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We bought our first home back in October 2010, we are coming up on the two years of home ownership and I am thrilled  at saying I am a home owner.  I totally understand there is a season for renting, trust me I have been there until almost two years ago.  I do, however, think when you are at a place in your life and all things are lining up to be able to do so, buying a home is a step all people should look into.  Today I want to share with you 10 reasons I think you should consider buying over renting, when you get to a point in your life it’s an option.

  1. It’s a great investment.  More often than not (excluding when the housing market falls) it appreciates in value which means you are making a gain.  That can pay off down the road.  Other than savings accoungs/IRA’s/trust funds/etc. there aren’t many things you can say you invest in and have more of a chance to appreciate than depreciate.
  2. As of right now in 2012, it is still a buyers market in most areas.  The house we bought in 2010 is worth much more than we got it for and that’s something big.  If, at this time, things are at a point you can look into buying look around for foreclosures and short sales so you will automatically have money into the house without actually putting it into it if that makes sense.  You might see a house for sale and they are asking 115,000 but it could be worth 150,00 (property and house value combined).  That’s like having 45,000 into  your financial future already.  The housing market will rise again, I fully believe that so why not invest while it’s a buyers market.
  3. Interest rates are fairly good at most places.  We got our interest rate at 5.5% when we bought but they are now around 3.75%, that’s a lot when you are buying a home.  Get in while the interest rate is good.
  4. Tax breaks.  You know all that dreaded interest and real estate taxes we pay on our home loans.  Every year when it’s time to face Uncle Sam you can deduct those and trust me that is a fun deduction that can make the difference between owing and not owing or getting back a little or getting back a nice chunk.  And really who doesn’t like to get back a nice chunk at tax time.
  5. In the area I live now as well as so many other areas there is array of homes to choose from.  There was a time you had to search high and low to find a home and what you had to spend may have meant not getting the home you wanted.  Today that’s not the case in many areas.  With so many homes up for sale in so many areas and at great values this may be the time you find the home of your dreams at the perfect price.
  6. You aren’t throwing money away.  Rent goes to nothing (unless you are doing a rent to own) and so that money is gone and never coming back and you will have nothing to show for it.  As a home owner the money you put into the house has the chance of coming back (plus more if you’re lucky) should you decide to sell and move to a new home.
  7. It is yours, you can do what you want with it.  If you want to remodel your kitchen you can do that.  Want a walk in closet the size of a bedroom (yes please) build it.  With no landlord to answer to the possibilities are endless.
  8. As a home owner it will help your credit.  I didn’t have the best credit score thanks to silly young mistakes but since owning a home (and paying off debts) I have noticed the score has risen.  Make your payments on time and don’t skip them and see what happens to your credit scores.
  9. You aren’t set to a time limit.  When you rent, more often than not, you sign a lease.  While some landlords will go month to month after the lease is up, you aren’t guaranteed to get to stay.  If someone comes in that will rent long term they could make you pack up and leave (in 30 days of course).  Peace of mind knowing that you won’t be kicked to the curb is worth quite a lot if you ask me.
  10. You don’t have to come up with first month, last months, deposit (and pet deposit if you have one).  For some coming up with two months rent alone would be a struggle.  When you buy a home, chances are after you sign you will have a month or so before your payments start and it’s a great way to make sure you are covered should something happen.

There are so many things to consider when buying a home…what type of loan you will go with, compare mortgage insurance, and so much more.  I fully believe this is a step that will better your life.  What are some of your reasons to own over renting?

Check out some more information on Home Ownership:

Information in this post brought to you by Genworth Financial. All thoughts are my own and always honest. For more on my policies please see my disclosure in the PR Friendly area.

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Toni is a professional lifestyle blogger living on the sunny Florida Gulf Coast. She has a passion for Disney, Travel, Fashion, Cooking, Tech, Family Fun Ideas, Reviews, Giveaways and loves being able to share that with her readers!

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  1. 1

    Great reasons!! We just bought our second home!

  2. 2

    It’s cheaper than renting around here!

  3. 3

    I can not wait to purchase our fist home my goal is 2014

  4. 4

    That’s definitely my goal!

  5. 5

    I definitely saw the benefits of buying over renting. In fact, I only rented for about a year after I got married and before I had my first son. After that, I purchased my own home.

  6. 6

    Sigh.. I read this as we look for our next apartment. If only houses weren’t over 500k here for a shack. Living close to NYC has major downfalls.

  7. 7

    Those are all great reasons

  8. 8

    I am currently a home owner and there are days when I wish I was a renter.

  9. 10

    We only rented a little over a year before we started looking for a house. . . it just made more sense to us.

  10. 12

    Unfortunately, after we bought our house, it dropped in value by $50,000 within two years…so I REALLY regret becoming a homeowner. LOL

    • 13

      Oh man that stinks, if that had happened to us I would not be happy. We were lucky that we bought and already had equity in it due to the market right now. HOpefully your value will come back up.

  11. 14

    I wish that I could sell my condo, so that I can buy a house. The time is right, but the condo is on the ocean and oceanfront is still more expensive. In this economy we’ve had no bites (even being the lowest price in the building).

  12. 16

    We bought our first home in 2006 then the market tanked. When my husband got new orders we had to sell and took a great loss.

    I think the most important thing people should do when buying a home is not buying more home than they can really afford!

    • 17

      I absolutely agree with that 100%. When we were looking there were so many we would have loved but our monthly cost with insurance and taxes would not have been doable.

  13. 18

    I would love to sell our townhouse, but unfortunately it is now worth less than what we owe.

  14. 19

    I think it’s a buyer’s market– but I’m not convinced buying is always the way to go. Right now I’m happy to be renting.

  15. 20

    Our property value dropped over $200k!

  16. 21

    I agree 100%. We bought our home 8 years ago and I’m so glad we did. While it hasn’t gone up in value a lot, it has gone up about $40K, so has been a good investment for us.

  17. 22

    I totally agree! We just sold and bought a home and interest rates are rockin’!

  18. 23

    Home owner for over 17 years, and at times, I wish I just rented, too. :)

  19. 24

    I’ve rented, and I’ve owned. I’d rather own.

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