There is a lot of debate about whether buying a home is better than renting. The answers to this question are heavily dependent on the individuals and their circumstances. For many residents of California, it may be hard even to imagine owning a home. For those who are in the position to buy a home, we at Anew Lending are here to tell you why purchasing a home can be beneficial for your and your family’s future. 

Buying a Home Is Cheaper in the Long Run

When you enter into a mortgage agreement, your monthly payment will remain the same throughout the duration of your loan term. Unless you decide to refinance, your monthly mortgage payment will remain the same for the next 15 to 30 years. Rent, on the other hand, generally increases at the end of your lease. 

In addition, when you pay down your mortgage, you are able to build equity over time. Equity refers to the portion of the property that you actually own. This amount increases as you pay down your loan or if your property appreciates in value. You might also consider homeownership if the idea of having no mortgage payment in the future sounds appealing to you. Although you will still be responsible for utilities and property taxes, the larger living expenses will be taken off your shoulders. 

You Are Free to Do What You Want

When you own your home, you can do what you want with it. If you wake up one day and decide that you want to gut the backyard and create your dream garden, no one will stop you. If you feel the sudden urge to renovate your kitchen, you can because the house is yours. The flexibility to do that will allow you to increase the value of your home if you ever decide to sell the home down the road. 

Tax Benefits

A major advantage of home ownership is that it comes with tax advantages that renting does not. Mortgage interest and property taxes are generally tax deductible. 

Long-Term Stability

Not only do you save on rental costs, but you are also building your net worth and a community for your family to call home. You can become involved in neighborhood organizations without the worry of relocating because your rent is going up. 

Deciding to purchase a home depends on lifestyle, personal finances, and future plans. It requires careful planning and consideration. Real estate is a way to build your wealth, provide stability, and take advantage of some tax benefits. If you are considering buying a home, reach out to a mortgage lender to find out more about your options. 

Talk to Mortgage Refinance Experts in Sacramento, CA

The experts at Anew Lending have been serving residents of Sacramento, CA, and surrounding areas for many years. Our team of experts is here to help you with purchasing your home. Call us today at (916) 655-9325 to find out what options may be the best fit for you! 

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