If you’re deciding whether you should continue to rent or make the leap to homeownership, here are five things you should consider.
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A lot of people ask me whether it’s a better idea for them to buy a home to live in or continue to rent. Here are five reasons why you may want to consider buying as an option:
1. A predictable monthly mortgage payment. When you buy a home, you’ll know exactly what you need to pay each month for your mortgage. If you’re renting, your landlord can raise your rent once your lease expires.
2. Improvements. If you want to paint your bathroom or bedroom, you can do it. If you're renting, you’d have to ask the landlord’s permission beforehand.
When you own a home, the value of that home will increase over time.3. Tax breaks. When it's time to file your taxes, owning a home is a huge advantage.
4. A stronger sense of community. If you buy your home, your neighbors will feel that you’re a more permanent part of their neighborhood or area.
5. You’ll have financial gains. When you own your own home, that home’s value will increase over the years. Over the last five years, we’ve seen home prices in Knoxville go up by anywhere from 5% to 6%.
If you have any questions for me about buying a home or real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
