Christoper Polhemus

Buying Vs Renting

Buying Vs Renting

There are more financial and long terms benefits of buying a home in coastal New Jersey then renting. Here, Christopher explains these benefits and provides insight on how owning a home not only helps you budget, but save money.

Buying a home has always been built into the American dream, but it also contains more perks and long terms benefits then renting a home or apartment.

While renting is more flexible, buying a home has the largest potential long-term payoff, with tax advantages and quality-of-life benefits. Comparing the costs of buying are more varied and complicated than for renting, so it’s important to look beyond just the numbers when making your next move.

You Put Down Roots When You Buy a Home

Throughout Christopher’s time and experiences in real estate along the Jersey Shore and other New Jersey communities, perhaps the largest benefit is making the house their own – either through simple, cosmetic changes, or large renovations. Putting down your roots and making a home purchase yours allows you to customize your living space as well as add equity to your home. 

Home Ownership Is a Built-In Savings Account

As Dorothy repeats so often during her stay in Oz, there’s no place like home. We can add to this with something we can all happily agree with -there’s no place like home and nothing like money in the bank! When you buy a home, you enroll in a forced savings plan. No matter how tight your budget is, you find creative ways to make that monthly mortgage payment. You feel accomplished and have a routine that benefits you in the long run.

One of the most important benefits to me is that month by month, you pay down the mortgage and increase your equity: the amount of money you can sell the house, for less than what you still owe on it.

Bottom line? Over a lifetime, home ownership helps you build wealth.

Buying a Home Has Big Tax Advantages

When you decide to buy a home, you can count on your uncle’s support — Uncle Sam, that is. The significant tax benefits of buying rather than renting may be reason enough to invest.

Did you know that homeowners can deduct mortgage interest on their federal income taxes? Sure can.

This is a hefty deduction for many people because interest payments are often the largest part of a mortgage payment in the early years of owning a home. You can also deduct some closing fees in addition to your property taxes. 

Paying a Fixed Mortgage Stabilizes Your Budget

As anyone who has rented a home knows, rent hikes are the norm and often out of your control. If you’re in an area without rent control, the landlord can raise the rent whenever he or she likes. Even with rent control, there are exceptions and you can’t always count on your rent remaining stable.

But guess what?

If you buy a home and take out a fixed rate mortgage, your house payment stays the same for the life of the loan, whether that be 15 or 30 years. 

Buying a Home Costs Less than Renting Over Time

When weighing the positives and negatives in monetary value – Buying is the cheaper alternative over the long run. While your mortgage payment may initially be more than you’d pay in rent (because of taxes and homeowners insurance), you’ll spend less over the life of the loan if you buy. Additionally as mentioned before, rent prices may rise over time, changing the equation which does not allow you a consistent budget.

Another benefit of buying vs renting is the tax benefits of home ownership which was mentioned above. In the end, your true out-of-pocket costs from day one can be less than if you rent.

When you factor in the possibility that real estate values often go up over the years, home ownership looks even better. The cherry on top is that when your mortgage is paid off, you own your home. All your hard work to pay the mortgage does not go un-noticed. You are a home owner and you now own property free and clear to do whatever you’d wish.

Work With Christopher

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C. 732-674-6820
O. 732.473.1700
Christopher Polhemus - The Leonard Group
509 Main Street
Toms River NJ 08753


RE/MAX New Beginnings Realty
509 Main Street
Toms River, NJ 08753