Are you undecided as to whether you should buy a property or rent? Before making your decision, there are a few key things to consider. When you take each of these items into consideration, you may find that it makes more sense to own your own home rather than take a chance in the rental market each year.
Why Buy a Property to Call Your Own?
Freedom to Customize Your Home
When you buy a property of your own, you can customize every inch of it the way you see fit. There is no landlord to stop you from painting the walls or putting holes in the walls to hang pictures. In your house, you make the rules and can paint, decorate, renovate, or upgrade your home as you see fit. What's even better is that some of your upgrades could increase the value of your house if you decide to sell later.
Buying a house entitles you to a mortgage deduction on your taxes each year. Taking out a new purchase loan now allows you to deduct the interest on up to $750,000 from your tax filings from 2018 to 2026. As a property owner, you get to deduct a portion of their interest rate and property taxes. You'll get to claim the deduction each year that you own the house.
Steady Payments That Won't Increase
Renters face the risk of rate increases every year. When you buy a property with a fixed rate mortgage, your monthly payments remain the same. In that way, you will have better stability in your budget without worrying if your payments will change in the future.
Before you sign your next lease, consider why it might be a smarter move to buy a property to call your own. If you would like help with your house search, the team at Extreme Realty of the Bronx, NY, is ready to help. Their team has over 20 years of industry experience assisting homeowners to locate the perfect home. As expert negotiators, they can ensure that you get the best deal possible. Call them at (718) 515-3400 to speak with an agent about your house hunt. You can also check out their current listings on their website.