Owning a Home Versus Renting

rentvsbuyI know many of you out there might be debating on whether or not to take the plunge into home ownership or continue down the path of renting and while it may be a tough decision at first after hearing this your decision might be simpler.  Renting certainly does make sense in certain situations such as college students, those who move locations regularly, and circus employees.  Other than that the choice is clear, home ownership is without a doubt the best way to go financially.  Did you know the average rent payment in Westfield as of 2011 was around $800.  That might not seem like a huge amount but remember that this rent is not an “investment” but instead it is simply a payment.  With the purchase of a house you are investing your mortgage payments into the equity of a home which in the end will hopefully come back to you.  Another financial benefit to owning a home is that your mortgage interest is tax deductible per IRS code.

In addition to the financial benefits that owning a home provides it also provides stability for you and your family.  Home owners on average are more likely to be involved in the community and schools.  While this is certainly not a reflection on all renters, statistics show that children raised in homes that are owned have higher math and reading scores and a lower tendency to drop out of school.  While some of this is just food for thought the overall consensus is the same, home ownership allows you the freedom from wasted rent money, the freedom to express yourself with any art, additions, paint, you choose, and the freedom to feel secure in your community.  Please feel free to contact me if you want to start searching for your piece of home ownership freedom!

 

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