Owning Vs Renting

If you are a renter, sooner or later the question will arise, "Should I buy a house?" The answer is yes, if at all possible. In today's market every person who is financially able should purchase his or her own home.

There are a few exceptions to this rule, however. If your employer frequently transfers you, or if you are unsure where you want to settle down, then you should probably hold off on buying a home. Real estate is an investment, but like most investments, its worth accrues only after you have held on to it for a while.

You have probably heard the saying, "Renting is like throwing money out the window." This analogy has some truth to it. When you rent, you are paying to live in a place that someone else will always own; you are essentially paying someone else's mortgage. The advantages to owning your own home are:

• Tax Deductions
• All interest paid to your mortgage company on your loan is tax deductible.
• It's a Great Investment
  Your home will appreciate in value, as you are decreasing the principle amount on your loan with your regular mortgage payments, thus making home ownership a sound investment of your money. It has often been said that someone who owns their own home owns their own bank.
• It's your Own
  There is a sense of pride that comes with owning your own home. You can decorate it or change it any way you wish. Prefer a yellow polka-dot bathroom? Go ahead!
• Privacy
  With your own home, you do not have to smell what all the families around you are cooking for dinner or listen to everyone's noises. And no one else has a key to your home. Unlike renting, where a landlord has the right to enter your home upon cause, owning your own home means that visitors can enter only with your consent. Space Generally, homes are more spacious than apartments or condos. This is beneficial if you have a family or plan on starting one. In addition to the interior space, houses will offer you and your family a place to play outdoors, plant gardens, or just enjoy relaxing outside in private. Although renting can offer some advantages, like flexibility, its benefits are few in comparison to home ownership. When you own your own home, your privacy is respected, your space is increased and most importantly, your money is being invested well.