What are the advantages of purchasing a home rather than renting?
The advantage of renting is that you are usually free of maintenance responsibilities. When you buy, some of the advantages are: • You build equity in the home and, sometimes, you earn appreciation if housing prices rise. • There are tax advantages that allow you, for example, to deduct interest you pay on your mortgage. • You protect yourself from rent increases. • You can often use your home as a way to borrow money after you have established equity in the home. • You are usually free to decorate the way you want.
