Why buy instead of renting
February 21st, 2008A home is a good investment. When you rent an apartment, you make your monthly payments which are basically gone forever.When you own a house, you can deduct the cost of the mortgage loan interest from the federal income tax, and sometimes from the state taxes. This will give you a lot savings each year, because the interest paid makes up most of the monthly payments in the first few years of the mortgage term. You can also deduct the property taxes paid as a homeowner. Additionally, the value of your home may go up, in some cases even double. Finally, you can enjoy your own property, something that’s all yours - a house which is your castle.