From saving for the down payment to packing up and moving, buying a home is certainly one of the biggest purchases of your life. But rest assured that buying a home is also one of the wisest decisions you'll ever make. If you are currently renting you may be wondering if now is the time to buy. When you take soaring rent prices into account, along with the fact that mortgage interest and property taxes are tax deductible, monthly mortgage payments may be lower than your monthly rent. When you pay rent you end up with receipts rather than an investment.
Landlords often raise rents - every year but mortgage payments usually remain stable.
You can deduct mortgage interest if you buy. If you rent, your landlord gets the deductions and uses your rent to pay the mortgage. You can deduct real estate tax when you own, if you rent, the landlord takes the tax deduction. Home ownership is a major indicator of financial integrity. Others respect you for your responsibility and stability.