There are many advantages to buying a house versus renting one. Some include:
1. Homeowners can deduct mortgage interest and property taxes on their tax returns each year. These savings can often make the cost of owning less than renting.
2. Renting may be subject to annual increases, but a fixed-rate mortgage payment will never change.
3. You can do anything you want with your property without asking permission (i.e. change paint colors, change a chandelier, make home improvements, etc.) unless the Homeowner’s Deed Restrictions limit your preference or require pre-approval.
4. Usually, home appreciation increases. If you have owned the home for at least two years, you are tax-exempt from net gains for up to $250,000 if single and $500,000 if married when you sell.