Owning a rental property is a great way to develop your net worth and earn some extra income. It comes with a lot of responsibility and can be intimidating especially if it is your first time owning
Why Buying is Better than Renting a Home
Dated: November 1 2018
Is buying a home better than renting in Alaska?
Renting a home has its own advantage such as it’s easy to move out when your lease is up and there is less upfront investment.
However, when you actually look at it from different angles, buying a home might be a much better option for you than renting in Alaska.
Everyone wants to save but only a few are the ones who actually do it. But when you get a home, you will have to pay for consistently.
But worry not because it is an investment and you can earn from it either by selling, renting it out or giving it to your children in the future.
In renting, you will pay for it monthly and that's it. It will directly go to your landlord's pocket.
I have a friend who bought a starter home years ago. He had a stable job and earned some money to be able to buy a new and bigger home. So he decided to put his house up for sale. He kept it nice and neat over the years so guess what? He sold it; got all the money he paid for it back and got to earn some more. It’s as if he lived there for free over the years.
It can be cheaper
As a homeowner, you will be allowed to deduct mortgage interest and property taxes when you file a tax return each year. This significant savings from tax benefits can add up to the reasons why buying can be cheaper and better than renting. Also, as per Zillow, after 2 years and 9 months, buying will be cheaper than renting in Anchorage. Inflation, remember?
So, in conclusion, if you have enough saved up to make a down payment on a home, it may be cheaper to buy than to rent.
It is yours
It is yours. You can do to it whatever you want. Unlike rentals, everything has to be approved by your landlord before you can change anything from it. Whether you repaint it, change the kitchen design, add a bathroom or get a really huge dog, you are free to do whatever pleases you.
So if you are thinking to buy instead of renting a home in Alaska, call us (907) 570-6757 or 907-720-4663 so we can help. OR you can check the properties available for sale in Alaska or even get a free market report here.
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....
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