Buying a house is not just paying for a place to live. A house is an investment in your future. You can decide to sell your house down the line or even rent out a room in your home should you fall on hard times (assuming you secure the proper permits, of course). More than that though, there are a lot of tax benefits to home ownership that aren’t available to renters. There are federal tax deductions that apply to home ownership. If you’re not sure what credits or tax breaks are available to you, talk with a lawyer that specializes in real estate to find out. Beyond that, it’s hard to argue with the freedom you get with owning your own home. You can paint, renovate or change what you want inside your home (and often outside your home) to suit your tastes – not an option often available to renters.
- Guest answered 3 years ago