Buy or rent? - Why ownership trumps renting in today's market 
written by: aless23 

Buy, rent, sub-lease? If you are looking for a home, you might be debating whether you should purchase now, or continue to rent a home. So, let's take a look at the benefits of ownership, and why you should take that plunge if you are on the fence of whether or not you should buy. 

1. Tax implications - 
Owning a home comes with many positive tax implications. Write-offs, deducting mortgage interest payments, tax-incentives for new appliances (and energy efficient appliances). If there is a tax write-off you can take, ownership has far more benefits than renting a home does. 

2. The returns - 
Think of your home as an asset to your portfolio. As it appreciates, you are earning returns. But, unlike stocks or bonds, you aren't making a couple thousand dollars in returns. Rather, if you buy a home for $300,000, which appreciates in value by 3% in a 3 year period, you are looking at nearly $30,000 in returns. Add in the simple benefit that if you choose to sell your home, you are exempt from paying any taxes on those earnings. A win-win for owners of properties which appreciate in value. 

3. You do what you choose - 
If you've ever rented a home or apartment, you know that landlords have rules. You can't paint the walls, you can't install a fence, or you can't make additions to the property. When you own your home - it is yours! You do what you choose with the property. Paint it any crazy color you choose, add that electric fence for safety, make interior modifications, the choice is yours, and yours alone. 

In addition to these benefits, you also have the knowledge of knowing your mortgage payments. In a rental market, fluctuations are common. Even if you've rented in the same place for years, rent price goes up. With a fixed mortgage, you know what you are paying each month, regardless of what the market does. 

If you are on the fence about potentially buying a home, consider some of these benefits. Add in the simple fact that owning a home is considered the "American Dream," for many, and you'll quickly realize the many benefits to ownership. If you are still questioning whether to buy or rent, these are just a few perks of ownership in today's housing market.