As recent reports reveal housing affordability has reached a new record high, the number of benefits of becoming a homeowner continue to grow. There are many other bonuses that should make renters consider purchasing a home.
When renting, tenants have limited control over the green improvements they can make, and while cutting down the energy you use can be helpful, homeowners may be able to save more. Energy-efficient improvements, such as eco-friendly appliances, can cut down the monthly costs of utilities, but may not be an option for those renting.
Owners of homes also have the ability to customize their living space more freely than those renting. While some landlords may allow tenants to paint or make improvements, money spent on these changes goes to waste when renters move out.
Homeowners also benefit greatly from tax deductions and tax credits for expenses including energy-efficient upgrades, and are able to deduct the interest paid on mortgage payments.
The current market offers both low home prices and mortgage rates, so renters who have been thinking about buying are urged to take advantage of the high affordability offered by homes in Los Angeles county and other parts of California.