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Advantages of Owning vs Renting a Home

Tuesday, October 20, 2020   /   by Teresa Dipeso

Advantages of Owning vs Renting a Home


Rent vs Own? With current interest rates at historically low levels, now may be the time to purchase a property. There are many advantages to owning a home, here are just a few:

1. Build Equity- Equity is where most homeowners build most of their wealth; it represents the amount or value of your home that you own outright. You are investing in your financial future, not your landlords.


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2. Boost Credit Score- A mortgage loan diversifies your credit, thus increasing your score.

3. Fixed Mortgage Amount-Monthly mortgage payments remains the same as opposed to monthly rents that increase over time.

4. Tax Benefits-Homeownership comes with tax benefits not available to renters including mortgage interest deductions.

5. Owning a home gives you the ability to borrow against it. With a Home Equity Loan (aka Cash-Out Refinance), you can use this to pay down debts, make repairs, finance educational expenses, etc.

6. Stability-Home ownership offers stability that you may not have with a rental. Annual rentals are extremely hard to find, monthly rates are increasing and if the landlord decides to sell the home you’ll be forced to find a new rental property. 

7. Renovation-owning a home allows you to paint, remodel and renovate to your hearts desire. You don’t have to go through a landlord to fix something in a timely manner or ask for permission to paint the walls, because the landlord is you.

8. Living arrangements- As a home owner, you are in charge of who else resides in your home — be that a spouse, a significant other, a friend, a family member, a roommate, as many pets as you want. You don’t need a landlord’s permission.

When you are ready to purchase a new home, call us! We can assist with financing and put you on the road to home ownership today. 

Teresa M DiPeso & The DiPeso Group Jersey Shore Real Estate Experts
Teresa M. DiPeso
Long & Foster
Avalon/Stone Harbor/Cape May/Sea Isle/Wildwoods, NJ 08202
609-780-1434

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the Cape May County Multiple Listing Service. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the South Jersey Shore Regional MLS. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
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