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Should I Buy a Home?

The debate over renting vs. buying is one that has raged on for years. You’ll find passionate advocates on both sides of the argument, each offering compelling points as to why you should follow their lead. Yet the simple fact of the matter is that your situation is unique, and thus, it’s up to you to make the decision that will best benefit both you and your family. By starting the research process now, you’ll be that much more prepared for when the inevitable question of “Should I buy a home?” surfaces.

Evaluating the Benefits of Both Sides

Those who fall on the rental side of the buy vs. rent argument will almost always point to the flexibility that renting offers as its main benefit. It is true that you can walk away from a rental contract at any time with limited financial consequences. However, when pressed to offer other advantages, renting proponents often find themselves at a loss for words.

Buying a home, on the other hand, offers several benefits over renting, namely:

  • Investment value: Unlike renting, you get to build equity in your home. As the value of your home appreciates thanks to its location, the current housing market, as well as the sweat equity that you put into it, its actual equity grows, making it one of your most valuable assets.
  • Increased privacy: No shared ceilings, floors, or walls means that you enjoy all of the privacy you want in your own home.
  • Fixed payments: You don’t have to worry about a landlord raising your rent when you buy. In fact, the only change you’re likely to see in your principle and interest (P&I) payments is for them to go down if and when you refinance.
  • Tax advantages: All of the interest that you pay on your home loan is tax deductible.
  • Pride of ownership: You can make any improvements that you want with your home. After all, it’s yours!

Benefits of Renting

While renting may offer you certain financial freedoms, we all reach a point where putting down roots and making investments presents us with the most benefits. When that time comes, making the decision to jump into home ownership is much easier if you understand the distinct benefits that it offers. Remember too that you’re not alone in this venture.

How much can I afford?

Principal & Interest

*Estimated Tax @1.2%

*Estimated Insurance @ $900/yr

$75.00
Max Loan Amount:

Contact Us!

We at Alliance are here to help you every step of the way when it comes to making the decision on buying a home.