Should You Rent Or Buy In Pittsburgh?
Sometimes a person should rent, but most often, home ownership has many more benefits and advantages. Pittsburgh remains an affordable place to buy your first home. You may find it costs you less to buy than to rent.
The most significant barrier to homeownership is accumulating funds for a down payment. If you have good credit and a decent job, you can get a mortgage for a home with a lower downpayment than expected. With today's mortgage finance plans, you may be surprised to find out how much of a home you can afford.
Let’s look at the primary advantages of owning a home in Pittsburgh.
1) More Stable Housing Costs
Rent payments can be unpredictable and typically rise yearly, but most mortgage payments remain unchanged for the entire loan period. If the taxes go up, the increase is usually gradual. This stable housing cost is significant in times of inflation when renters lose money and owners make money.
2) Tax Savings
Homeowners can be eligible for tax savings because you can deduct mortgage interest and property taxes from your federal income tax. However, this can be a considerable amount initially because the first few years of mortgage payments are made up mostly of interest and taxes.
Instead of payments disappearing into someone else's pocket, homeowners are building equity in their homes. This is often one of a person's most significant investment assets. Each year you own the house, you pay more toward the principal, which is money you will get back when the home sells. It is like having a scheduled savings account that grows faster the longer you have it. And you are the one who gets to take advantage of that, not the landlord. You can then use this equity to plan for future goals like your child's education or your retirement.
4) It is Yours!
When you own a home, you are in control. You have the freedom to decorate your home and landscape it any way you wish. You can own pets if you choose. And, no one can pop in and inspect your home and threaten to evict you.
5) Build Wealth
Wealth building refers to increasing the net value of your assets. You build wealth in two ways. First, paying off your mortgage increases your equity. Plus, your home’s appreciation increases your equity.
Buying a home is an important decision. It is often the most significant purchase a person makes in their life. However, homeownership also comes with increased responsibilities and isn't for everyone.
When considering home ownership, you need to weigh the pros and cons for yourself. Like most people, you may find that homeownership is worth the risks and disadvantages.
The SAYHAY Team can help you find the right home for you to begin enjoying the advantages of homeownership. Contact us at 412-755-3600 to schedule your free consultation.