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4 Reasons Why Buying a Home Is Better Than Renting

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As investing in a property often comes with more upfront costs than renting, you might believe it’s smarter to sign a rental agreement over a mortgage. Yet, you could miss out on the many perks that come with homeownership.

Renting might provide more flexibility and lower overheads, but you will essentially pay off another person’s mortgage and never see the money again. If you’re torn between the two options, here are four reasons why buying a home is better than renting.

  1. A Return on Investment

A mortgage is an investment in your financial future. Rather than handing your hard-earned income over to a landlord each month, you will build equity in the property. The more mortgage repayments you make, the more of the house you will own.

If you decide you want to start afresh elsewhere, you can put the house or apartment back on the market to increase your finances and possibly receive a significant return on your investment.

Of course, you’d be wise to find a property with excellent potential to ensure you experience many wonderful years at the address and make a bigger profit when you decide to sell it. For instance, you could find a stunning family-friendly property when browsing listings from experienced Orangeville Ontario Agents, and they will take the time to help you find the property of your dreams.

  1. Improved Stability

Homeownership will provide you with a greater sense of stability in your house or apartment. Once you have received the keys, you will not need to worry about a landlord evicting you from a property. Instead, you can have peace of mind that you will enjoy many happy years at the address.

  1. No Landlord Issues

Unfortunately, many renters may face various landlord issues during their time at a property, such as rental increases, a lack of maintenance, or unexpected visits. When you own a home, you will have control of your property’s comfort, appearance, and function. You can trust you would rather pay to resolve the issues yourself at a quicker pace than deal with an unapologetic landlord and a reduced quality of life at a property.

  1. A First-Time Buyer Tax Break

Homeownership could provide you with a tax break. For instance, if you are buying your first home in Canada, it might be music to your ears to learn you may qualify for a non-refundable tax credit of $750. The First-Time Home Buyers’ Tax Credit (HBTC) is available for those who have bought their home within the past year or if you and your spouse haven’t owned a property within the past four years.

Conclusion

Investing in property is a big decision, and you must be emotionally and financially prepared to ensure you can make monthly payments without stress or entering debt. Homeownership will allow you to put a stamp on your home, invest in your financial future, and even receive various tax breaks to enjoy a financial jumpstart on life at your new address. Yet, consider the pros and cons of renting and buying to make the correct decision for your personal goals and finances.

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