When most people think of the American dream, owning a home is the first thing that comes to mind. It’s a nice feeling to know that the home you’re living in is truly yours. You no longer need permission from a landlord to paint each room or nail artwork to a wall.
However, buying a home is a costly investment, so it’s natural to be indecisive in your decision to rent or buy. Fortunately, at Ace Mortgage Loan Corporation, a mortgage company in Plantation, we provide quality mortgage services to the people of Broward and Palm Beach counties.
Nevertheless, the decision to buy or rent is a substantial one that requires a lot of consideration. So, let’s look at the pros of buying vs renting a house.
Pros of Buying a House
For most, buying a home is the biggest investment they will ever make. It does come with its share of rewards, which we’ll now explore.
You build equity.
When you own your home, you can put your money towards your home equity instead of a landlord. As your equity builds, so does the value of your home.
Speaking of your home increasing in value, it’s important to note that your home is likely to appreciate over time. This can make a huge financial difference when you decide to sell. Whether that’s a few years from now or closer to retirement, depending on your location, your home has the potential to appreciate, which means you walk away with a nice profit.
Improve your credit score.
If you stay up with your mortgage payments, your credit score will increase considerably. Regular payments that are made on time reflect responsible financial planning as you slowly increase your positive payment history.
Your mortgage interest and property taxes may also be tax-deductible.
Contact our mortgage company in Plantation about securing a mortgage loan. If you are looking to buy a home in South Florida, it’s important to secure a loan from a trusted lender, such as Ace Mortgage Loan Corporation. Contact us today about a home mortgage in Coconut Creek or the surrounding areas.
Stability and Control
Homeownership provides stability and the peace of mind that comes from knowing you don’t have to move your personal belongings to a new residence every year. There are other benefits of long-term stability, which include community ties and civic engagement.
Of course, you will also have control of your home and the freedom to do with it as you please. Consider all the restrictions your landlord may implement:
- A limited number of pets or no pets allowed.
- Penalty when the lease is broken.
- Deposit deductions when you damage the property.
- Unable to sub-let your space.
- 30-day notice period when you move out.
Typically, there are many other restrictions and limiting instructions implemented by the landlord. If you’re ready to take the leap into homeownership, let our mortgage company in Plantation help you secure your dreams.
Pros of Renting a House
There are many advantages to homeownership, but there are also advantages to renting a house. Now, let’s take a look at the benefits of renting to help you make an informed decision.
No large down payment.
Even if you take out a home mortgage in Coconut Creek or the surrounding areas, you still need cash upfront. This isn’t the case with renting. Of course, renting requires the payment of the first and last month’s rent, and a deposit but this fee is considerably lower.
Fewer unexpected expenses.
After you’ve paid a fixed cost to rent a house, the landlord must cover the cost of defective utilities.
Fewer monthly expenses.
The monthly cost of renting is higher than mortgage payments, however, you may spend less on the cost of utilities. Additionally, renter’s insurance is more affordable than homeowner’s insurance.
Contact Ace Mortgage Loan Corporation
We understand this is a big decision and it depends on where you’re at financially and otherwise. However, if you believe you are ready to buy a home, choose a trusted lender, like Ace Mortgage, a reputable mortgage company in Plantation. Not all mortgage companies are the same, and a trusted loan company can make all the difference. Fill out the form online or call (954) 371-2165.