Should you buy or rent?
Owning a home does outweigh renting. Rent is just that, rent. You pay someone else for the right to live in a space with no potential of owning. Homeownership allows you to own an asset, realize appreciation, provides tax advantages, the ability to personalize, privacy, and much more. It is an incredible feeling to own a home of your own.
One of the best purchases you can make in a lifetime is a home. Home ownership provides several tax advantages to make it worth while besides the fact that you own an asset. A couple of the tax incentives are the mortgage interest deduction and property tax deduction. The amount you are able to deduct on your taxes will depend upon your tax bracket. Please consult your accountant for details. The tax code changes on a regular basis so it is best to confirm all of the possible deductions with a tax professional.