Rent Vs. Own
It's a debate that has raged for centuries - is it better to rent or to buy?
While it may never be completely solved, there certainly are numerous benefits to owning a home over renting for an extended period of time.
Military individuals and families have added incentives to purchase a home that go beyond average home buyers. Besides the unique no down payment options with VA Loans, the steady income and support services offered to the military make them perhaps the most powerful buyers in today's market.
Let's take a quick look at some of the top reasons owning a home can outweigh renting.
Tax deductions. Costs associated with owning that are tax deductible include mortgage interest payments and real estate taxes. This can knock thousands of dollars off of your taxable income each year.
Appreciation. Home values have always appreciated in the United States over the long-term. While many buyers might be spooked by down markets like that seen in 2008-2009, owning a home is still a great long term investment.
Equity and leverage. Owning a home usually means you have some equity built in the property (equity=ownership percentage). Regardless if this is at 15% or 75%, possessing equity creates leverage for you to take out other loans when financial needs arise.
Credibility. While owning a home can be seen as an 'accomplishment' for many, the credibility goes further in portraying you as a safe person to extend credit to in the future.
It's the American Dream!
If you'd like to learn more about the home buying process or want to speak to an agent, give us a call today at 800-985-5723. Military United offers a unique PurchasePower program that will allow you to get $500 cash back upon the closing of your home.