4 Major Reasons Why You Should Buy a Home Instead of Rent

There are times when it is better for a person to rent, but most often home ownership has many more benefits and advantages. You can also join my Homeownership Challenge to get more information.

When I first moved to the US from Switzerland I had no intention of buying Real Estate yet alone become a Real Estate Agent. Fast forward now I own my own home in Woodbridge VA and several investment properties. I became a believer in the American Real Estate Dream very quickly after realizing that I had wasted quite a lot of money on renting a one bedroom condo in Washington DC. Well I have to admit I had some help my then boyfriend now husband has been in Real Estate for most of his life and he was the one that got me interested in Real Estate and more important due to him I saw the great advantages owning Real Estate can give you. 

Coming from a country were over 70 % of the people rent, the Real Estate dream was never on my mind, although I grew up in a home my parents built and own. Well when I first got to the US I also didn't think I would stay, my initial job visa was limited, but that changed quickly once I fell in love. 

Recent studies are showing that there are many benefits for both the owners and the community for owning your own home, including increased education for children,  lower teen-age pregnancy rate and a higher lifetime annual income for children. Besides these, listed below are some of the primary advantages for owning your own house.


1) More Stable Housing Costs
Rent payments can be unpredictable and typically rise each year, but most mortgage payments remain unchanged for the entire loan period, as long as you have a fixed rate loan. If the taxes go up, the increase is usually gradual. This stable housing cost especially important in times of inflation, when renters lose money and owners make money.

2) Tax Savings
Homeowners can be eligible for significant tax savings because you can deduct mortgage interest and property taxes from your federal income tax, as well as many states' income taxes. This can be a considerable amount of money at first, because the first few years of mortgage payments is made up mostly of interest and taxes.

3) Equity
Instead of payments disappearing into someone elses pocket, home owners are building equity in their own home. This is often one of a person's biggest investment assets.  Each year that you own the home you pay more toward the principal, which is money you will get back when the home sells. It is like having a scheduled savings account that grows faster the longer you have it. If the property appreciates, and generally it does, it is like money in your pocket. And you are the one who gets to take advantage of that, not the landlord. You can then use this equity to plan for future goals like your child's education or your retirement.

4) It is Yours!
When you own a home you are in control. You the freedom to decorate it and landscape it any way you wish. You can have a pet or two. No one can pop in and inspect your home and threaten to evict you. 


Buying a home is an important decision. It is often the largest purchase a person makes in his or her life. Home ownership also comes with some increased responsibilities, and isn't for everyone. There are some disadvantages to homeownership that you should take into account. 

1) Increased Expenses
Your monthly expenses may increase, depending on your situation. Even if the monthly payments are the same, home owners still have to pay property taxes, all the utilities, and all the maintenance and upkeep costs for the home.  Often you need to supply appliances that were furnished with a rental.

2) Decreased Freedom of Mobility
Homeowners can't move as easily as a renter who just has to give notice to the landlord. Selling a house can be a complex and time consuming process.  

3) Risk of Depreciation
In some areas with overinflated prices, there may be a risk that the house will depreciate instead of increase in value, if the prices go down. If you then sell the house, you may not get enough money from the home to pay back your mortgage, and you will still owe the mortgage company money. 

4) Possibility of Foreclosure 
If for some reason you are unable to make your payments, you risk having the lender foreclose on your property. This can result in the loss of your home, any equity you have earned, and the loss of your good credit rating. 

When considering home ownership, you need to weight the advantages and disadvantages for yourself.  If you are like most people, you will find that homeownership is worth the risks and disadvantages.