If you are one of the millions of Americans who rent a dwelling, you’ve probably wondered at some point whether you should take the plunge and buy your own home. Of course, a house is perhaps the biggest investment you will make in your lifetime, which is why you’re probably unsure about purchasing one.
However, other than getting a property you can call your own, home ownership offers many lucrative financial perks as well.
A Better Way to Spend Money
Millions of Americans rent their places instead of owning it outright. While renting a property certainly poses benefits—including a lower upfront cost compared to buying a house—it might actually end up costing you more in the long run. Why? Because of inflation. Rents tend to rise over the years, while a mortgage, when secured at a fixed interest rate, will remain constant throughout the life of your loan. In other words, you might one day wake up to realize your rent actually costs more than what people pay on their mortgage. Read more from this blog: http://bit.ly/2klxb2o