Why Renting Sucks and Owning Is Better
Although renting a property may be tempting due to a lower monthly payment than a mortgage, or temporary conveniences, owning a home is definitely a better investment over time. Pacific Playa Realty has the information and the real estate education to explain why owning is better.Â
Ultimately, owning a home is an investment that often gives back to you, unlike renting. Home ownership allows you to take advantage of tax breaks and increase the value of your property. It also comes with many freedoms that are unavailable to renters, such as keeping pets.Â
Keep reading to let the real estate agents Los Angeles relies on explain everything you need to know about why owning a home is better.
Three Reasons Why Owning Is Better in Los Angeles
The following top three benefits outline why owning a home is better than renting in LA. Our experts at Pacific Playa Realty would be happy to consult with you if you have any questions or concerns after reading.
#1: Owning a Home Allows for Tax Deductions
The IRS offers several tax breaks as an incentive for purchasing a property, and it does not have to be a conventional family home in the suburbs. As long as the property comes with a mortgage contract, you should be eligible for some of these tax deductions.Â
The most common tax deductions that owners receive in Los Angeles are applied to the following items:Â
- Interest for your mortgage, sometimes including late fees
- Money that you put towards your property taxes
- Mortgage insurance payments, especially if you are singleÂ
- Profits from selling your home
Thanks to all of these tax deductions, owning a home is not as expensive as it appears.Â
#2: Owning a Home Gives You Control
Renting a property always comes with several restrictions from the landlord, and there are very few modifications that you can make to the space you are living in, if any. In contrast, owning a property gives you control over the place, which comes with the freedom to do as you like.Â
Many people enjoy owning over renting due to having control over the following things, to name a few:Â
- Owners make the rules, so pets, guests, and noise happen on their terms
- Owners can remodel a property however they want, as much as they want
- Owners can replace appliances at their discretion, particularly outdated ones
You are in control of a property that you own, and you are entitled to live there as you please.Â
#3: Owning a Home Creates Opportunity for Appreciation
If you are thorough when searching for a home to buy, there is a good chance that the value of the home will appreciate, or increase, over time. Someday, you might be able to sell it for a much higher price than you bought it for (and deduct that profit from your taxes).Â
The key factors to seek when purchasing or creating a home that will appreciate are the following:Â
- Prime locations with things like access to stores or low crime ratesÂ
- Curb appeal, or a good first impression from an attractive propertyÂ
Contact Pacific Playa Realty, the real estate agent Los Angeles depends on, for more information if you are interested in buying a hom
