What is the difference between homeownership and renting?
One of the advantages of renting is being generally free of most maintenance responsibilities. Some of the advantages of owning your own home include the opportunity to build equity, take advantage of tax benefits and protecting yourself against rent increases. You are also free to decorate without first getting permission from an apartment manager and have a yard to relax in or allow your children to play! Owning a home has many benefits. When you make a mortgage payment, you are building equity and that is an investment. Owning a home also qualifies you for tax benefits that may assist you in dealing with your new financial responsibilities, such as homeowners insurance, real estate taxes and home maintenance. But given the freedom, stability and security of owning your own home, it is worth it!
