With the continuous rise in median rent, it is advisable for renters to take advantage of record low mortgage rates and transition into home ownership. When to buy a home should be left to the individuals only as they are the best judge of their situation, but the question of whether to buy home or continue to rent remains unsolved for many. Your current situation and future plans are the best factors which can give you clues to solve this puzzle. We will point out some factors that can help you to arrive at a decision. Continuous increase in rent is projected The biggest factor responsible behind moving of most of the renters is this. The U.S. Census Bureau in its quarterly homeownership report inferred that each year the median rent will rise. In homeownership, your loan repayment is consistent and the stress of increasing rent won’t be there. Knowing this fact can help you in getting clarity about what suits you the best. You are free to choose the upgrades As a homeowner, you can exercise your freedom to customize your place of residence without any interference from landlord. Your selections for decorations and upgrades will be solely dependent on your taste and choice. Issues of privacy If you are a renter, your landlord can enter your living space in case of an emergency. When you own a home, nobody can encroach your living space. You are the one who decides who comes inside. In pandemic situation this can ease a lot of stress on you, as maintaining physical distancing is a necessary precaution. Relocation flexibility As a renter it is easy to move in case you had a job transfer. But as a homeowner, getting your property sold is time consuming. Nowadays with low inventory of housing market homes are getting sold faster, so this can make relocation more flexible for homeowners also. Equity As a renter, the money you pay to your homeowner builds equity for him. On the other hand, as a homeowner, the money you invest in your property builds equity for you; enhancing your overall wealth. This can be helpful in bringing your future plans to fruition. Tax benefits As a renter you miss out on additional benefits like deduction of property taxes and mortgage interests. These deductions benefit your landlord-not you! As a homeowner, these deductions benefit you directly. Whether to buy a home or continue to rent must be left at your discretion. If you want to know more about what is beneficial for you and how you can make the best out of your options, feel free to connect with us, we will be more than happy to help.