The Advantages of Buying a Home Versus Renting

Louisiana REALTORS® • June 19, 2023

You have many options when deciding where you want to live. Living downtown may be appealing to some, others may opt for a suburb, or you may want to call the country home. Once you decide on your ideal location, choosing between purchasing a home or renting is the most important consideration. While signing a lease offers ease and access to your address, homeownership is a cornerstone of the American dream, and in the long run, provides a variety of other benefits. Let’s take a closer look at how buying a home is the superior choice. 

 

Make Your Home Your Own

 

Owning a home allows you to make all of the changes and renovations that you can imagine. Need extra space? Add on to your home. Need a more open floor plan? Take out that wall. Paint any color you’d like. Renting comes with very strict, if any, options for changing what currently exists. Even if you can make updates, you’ll be spending your money to improve someone else’s property.

 

A Fixed Rate Mortgage Makes Budgeting a Breeze

 

It’s likely that each new lease that you sign will be accompanied by a rent increase. This makes your cost of living more expensive, whether your income increases or not. However, with a fixed-rate mortgage, you can rest assured that your monthly payment will be consistent over the life of your loan. Furthermore, you can always pay more each month and accelerate your path to homeownership.

 

Owning a Home has Tax Advantages

 

Homeownership can also save you money during tax time. You can deduct the interest that you’ve paid on your mortgage each year. This is especially beneficial for new homeowners as the early years of your mortgage payments are primarily comprised of interest. You can also deduct any energy-efficient or environmentally friendly upgrades.

 

Home Ownership Provides a Built-in Savings Account

 

Every month you pay your mortgage, you are actually putting money into savings as an investment. As the balance of your mortgage decreases, the equity in your home increases with every payment. So, while there may be no balance sheet, you are actually keeping more money for the future each month.

 

When you factor in the steady monthly note of your mortgage, the different tax advantages available to homeowners, and the consistent increase in the cost of rent, owning a home actually costs you less in the long run. These are only a few of the things to keep in mind when you are deciding to purchase a home. The first decision you need to make is to entrust a REALTOR® to help you find your home.

 

HOMEBUYER RESOURCES

Consumer Guide Update: Buying Land and Building a New Home

By Louisiana REALTORS® • April 17, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on buying land and building a new home. This guide covers how to find land for sale, explains construction loans, and weighs the pros and cons of building a custom home. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Buying Land and Building a New Home Deeds and Titles Alternative Listing Options Navigating Multiple Offers Homeowners Associations Thank you for continuing to engage with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover property title theft.
5 Negotiation Secrets Smart Buyers Use to Get Better Deals

5 Negotiation Secrets Smart Buyers Use to Get Better Deals—And How a REALTOR® Can Help

By Louisiana REALTORS® • April 16, 2025
Negotiating a real estate deal can be overwhelming, especially for buyers who don’t have experience with the process. Here are five key negotiation strategies smart buyers use—and how working with a REALTOR® provides a competitive edge.

Consumer Guide Update: Deeds and Titles

By Louisiana REALTORS® • April 11, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on deeds and titles. This guide covers the difference between a deed and a title, common types of deeds, and title searches and insurance. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Deeds and Titles Alternative Listing Options Navigating Multiple Offers Homeowners Associations Marketing Your Home Thank you for continuing to engage with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover buying land / constructing a new home.
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