If you’re considering whether to own or rent a home in Pennsylvania, there are many advantages that come along with home ownership. From the potential tax benefits to the long-term financial security, owning property often makes more sense than renting in the long run. Here’s what you need to know about the advantages of owning vs renting a home in Pennsylvania.
Tax Benefits
One of the biggest advantages of buying a home is that it can provide tax breaks for homeowners. In most cases, mortgage interest and property taxes are deductible on your taxes each year, which can save homeowners a considerable amount of money when filing their returns. Additionally, any capital gains you make from selling your home may be exempt from federal income taxes up to $250,000 (or $500,000 if married).
Investment Opportunity
When you own a home, you’re also investing in your future financial security. As an owner, each month your loan principal decreases as you pay down your mortgage. This means that as time passes and values rise, you may have equity in your home that can be cashed out when it comes time to sell or refinance. Furthermore, maintaining and improving your property can increase its value even further over time—something renters do not get to enjoy.
Stability & Privacy
Renting comes with some uncertainty because landlords are able to change their rental rates or policies without notice; however, when you own a home those changes don’t affect you directly—giving owners a greater sense of stability and control over their living situation. Furthermore, owners also enjoy more privacy since they don’t have to worry about landlords entering their homes to perform inspections or repairs unless they have been notified beforehand—which isn’t always the case for renters depending on their agreement with their landlord.
Owning vs. Renting a Home in Pennsylvania – Conclusion
Buying a home has many advantages over renting one in Pennsylvania—from potential tax benefits to increased stability and privacy for owners—and these are just some of the benefits that come along with taking on home ownership responsibilities instead of signing up for another year lease.
At The Ashley M. Miller Team, Your Home Hero, we specialize in helping buyers find the perfect home for them so they can reap all the rewards that come along with owning instead of renting. Contact us today if you have any questions about buying or selling a home in Pennsylvania.
