Is it Better to Pay Home Loans in Boca Raton than to Rent?

A couple smiling and holding a key together, symbolizing purchasing or moving into a new home.

There’s an ongoing debate over whether owning a home is more beneficial than being a renter with their flexibility and freedom. Some people prefer one to the other for their particular reasons, but does owning home actually have more benefits? Is it better to pay home loans in Boca Raton working towards a goal, as opposed to throwing money away while renting?

The advantages of paying home loans in Boca Raton

One of the most significant advantages to buying a home as opposed to renting is that there are multiple tax benefits are not present when renting. In fact, owning a home can shave thousands off of your taxes each year. Homeowners have tax breaks such as mortgage interest deductions. These deductions as of 2018 rose to mortgages up to one million dollars, but any homes purchases before this year are applicable for home loans up to seven-hundred and fifty thousand dollars. Additionally, homeowners can deduct a portion of their property taxes. All in all, these thousands of dollars can add up to saving quite a pretty penny.

Renters tend to burn through their cash, as the money they pay towards rent each month doesn’t go to an end goal. However, as a homeowner, there’s the chance to build equity. Home owning becomes a mix between an investment and an expense every month. As a renter, if the value of the apartment rises, that’s not necessarily a good thing. As a homeowner, having a home with a value that will likely increase is terrific! There’s even the opportunity to make money off of the investment at some point.

Last, but certainly not least, homeowners have much more stability than those who rent. If you chose a fixed-rate loan, each monthly payment would always be the same with fixed interests. However, as a renter, the rent has to potential to fluctuate, meaning that eventually, those payments could become too much to afford.

While there are many benefits to both, paying home loans in Boca Raton as opposed to paying rent every month may prove to be more valuable over time. This is especially true for families, as they tend to spend more extended amounts of time in one place. If you’re seeking out loans for your new home or you’re thinking of buying a house, we encourage you to reach out to our professional team at Ace Mortgage Loan Corp. Call us today at (954) 777-4774, and we’ll help you reach your dreams today!

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