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Renting vs. Buying in Owings Mills

Ken • May 02, 2018

As a potential homebuyer, you might be asking yourself whether there are more benefits to owning a home as opposed to selling. Well as your local Owings Mills mortgage lender, our team of experts at Equity Mortgage as made a list of the top 5 reasons why you should buy instead of rent.

1. It’s all yours:
Owning a home means that you have the freedom to do whatever you want to it. If you want to paint the walls a crazy color or completely tear down a wall in the living room, then you have complete freedom. You do not have to answer to or get permission from a landlord, nor pay them a fee for any alterations you make.

2. You can renovate:
Not only do you have complete creative freedom and can renovate your home any way you like, but renovations can also increase your home’s equity. Updating your bathroom or putting in new flooring can help raise the value of your home. In addition, you have the ability to make ‘green’ renovations by installing energy efficient appliances or solar panels. Depending on the type of installation, you may be able to deduct up to 30% of the total cost on your taxes for going green.

3. More tax deductions:
In addition to getting tax deductions for being more energy efficient, you can get massive tax breaks on homeownership because you can deduct your monthly mortgage interest payments. This can help you save hundreds of dollars every month, whereas you will never see any tax breaks from the money you spend towards your rent.

4. An automatic savings :
Overtime your home will appreciate, which means the value will increase. This automatically saves you money because as your home’s value increases, so does your equity. The more equity you have in your home, the more money you will have to use anyway you’d like; whether it be to pay off debt, renovate your home, look for more real estate, invest, pay for education, or even go on a dream vacation.

5. Consistent payments:
There are a variety of different Owings Mills home loans available on the market today, which means you can choose any mortgage that best fits your financial needs. This includes choosing a fixed rate mortgage that allows you to have consistent payments. Throughout the duration of your loan, your payments will never change. This can help you accurately budget since you will know exactly how long it will take to pay off your loan, and how much you owe. If you rent, your landlord has the right to increase your monthly rent every year. This does not give you consistent payments and can be more costly in the long run.

Reap the benefits of homeownership and stop renting today. Contact our team at Equity Mortgage to get started on your Owings Mills mortgage at 443-471-4310. Our team of experts are excited to work with you and can help educate and guide you throughout the home loan process.

For more information please call or email us at kvenick@equitymortgagelending.com. Owings Mills Mortgage, proudly serving Owings Mills and the surrounding area, including Lutherville.

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