If you are looking for a new place to live, you might be on the fence about whether to rent or buy. It is very important that you explore your options so you can be sure you are making the best choice when you move! In our latest post, we will outline some of the benefits of buying vs. renting in Knoxville TN. Find out what’s right for you before you make your move!
There are benefits to both buying and renting, but it really comes down to what will be the best decision for YOU! Personally, we believe that you can never go wrong when choosing to own real estate, (the right real estate that is.) Below are a few of the wonderful benefits of homeownership you might not have considered!
Benefits of Buying vs. Renting in Knoxville TN
Buying a home and knowing YOU are the owner is like no other feeling in the world. You finally feel like you are really at home and not living in someone else’s house. The tree in the yard? That’s your tree. The cool crank windows in the kitchen? Those are yours too. You will likely care much more about the house and property and find yourself enjoying the process of making it your own. You might paint, or add interesting built-in’s or plant a vegetable garden… all things you might not have done if you were living in a rental. Just having that feeling of ownership can make you feel good and give you a better sense of well being. Subconsciously you don’t have the fear of your lease ending, going up, or having the house sold from under you. You will feel much more secure and likely happier all around.
You’re Paying Your Own Mortgage
Each month, the money you are paying out is going toward something tangible you can one day resell. When you rent, you have nothing to show for it other than a roof over your head for that particular month. In reality, your monthly rent is likely paying someone else’s mortgage.
You Can Paint The Walls Green
Or red, or blue, or purple. And you can do it without asking anyone! When you own a house, you have the freedom to do whatever you want! Hate tile? No problem! Rip it out and put down wood floors. When you own a house, you have the license to do anything you want to the place, even knock the whole thing down if you so choose. Of course, all of this is within reason, you will have to pull permits for construction and adhere to any city or HOA rules that might have jurisdiction over your property.
Your Mortgage Payment Will Likely Stay The Same (Unless You Refinance)
As long as you choose a fixed-rate mortgage, your monthly payment will stay the same. It is much easier to budget and plan for the future when you know your monthly payment will remain steady. Rent prices tend to go up each year, without much rhyme or reason. You can’t usually estimate how much rent you’ll be paying 5 years from now.
There are great tax deductions available to homeowners. You can deduct the mortgage interest you pay on a loan up to $750,000. You can also deduct your property and city taxes up to $10,000. While these numbers are a bit lower with the new tax plan, most homeowners aren’t paying mortgage or property taxes that high to begin with.
Owning a home is beneficial both financially and mentally. It is your opportunity to have a place on earth that really belongs to you! If you are ready to buy, we can help you find the property for you!