What are the Benefits of Owning a Home Instead of Renting?

Buying a home is one of the biggest and most rewarding decisions you will ever make. Although the home buying process seems intimidating, there are many benefits of owning your own home which includes pride of ownership, an upgrade to your lifestyle and potential tax deductions.

For many, owning a home is an essential part of living the American Dream. You may wonder, why should I keep renting when I can own? What are the pros and cons of homeownership? Owning a home means having space that is truly yours.

If you’re a first-time home buyer, you may want to know if the benefits of home ownership are worth the investment. If you are still on the fence, check out these reasons why you should make your move and open the door to home ownership.

3 Reasons to Buy Instead of Rent

1.Pride of Ownership

Owning a home simply feels better than renting—there’s a special sort of pride that comes with knowing something is yours. You can paint the walls, make changes and upgrades, entertain guests, get a pet and ultimately turn a house into your home. Regardless of your personal preferences and taste, owning a home is a commitment that is sure to bring you and your family pride.

2. An Upgraded, Free Lifestyle

Imagine the privacy that comes with being able to put up a fence or the joy that comes with hosting family events in the yard. Whether you love backyard barbecues, roasting s’mores, gardening or even just watching your children play, owning a home has a positive impact on the lives of you and your family. You can choose exactly how you want to paint or decorate your home and don’t have to adhere to rental rules.

3. Potential Tax Deductions

Pride and happiness aren’t the only benefits of owning a home - it's also a smart investment, too. Mortgage interest paid can be deductible on a homeowner’s personal tax return. Depending upon your personal financial circumstances, you may also be able to claim deduction for property taxes. Speak with your tax advisor about your situation to fully understand what savings you may have access to.

View the full guide

If you’re a first-time homebuyer considering purchasing a new home, this guide will serve as a roadmap for your home buying journey. Get ready to take a deep dive into the benefits of homeownership so you can decide if it is time to make your move.