Renting vs Owning
Well, the obvious advantage is that you actually gain home equity, or ownership in your home.
In other words, over time the home or condo actually becomes your property, as opposed to renting, where you never own anything aside from the measly contents.
Additionally, owning is a cheaper alternative than renting these days in Las Vegas thanks to the incredibly low interest rates on hand.
Why pay $2,500 in rent if you can make a $2,200 mortgage payment, especially if you can write off the interest and the taxes?
That’s right, with homeownership comes tax benefits. Of course, the future of the mortgage interest deduction hangs in the balance, but real estate taxes are still fully deductible.
Factor in the tax savings and your mortgage payment gets even cheaper compared to a rental payment.
An owner of property also has fewer restrictions, and can add or modify to their heart’s content, less any government bureaucracy.
This means you can make your property worth even more over the years, or simply make it more useful/attractive for you and your family.