3 Perks Of Owning A Knoxville Home & Why It’s Better Than Renting

With interest rates still low and rent prices on the rise, it is no shock that many renters are considering buying. Owning a Knoxville home has many benefits. Here are 3 perks of owning a Knoxville home and why its better the renting.

Building Equity

Every time you pay rent, you’re basically throwing money away. When you own a Knoxville home, you are able to build equity in your home over time. Every time you pay your mortgage part of it goes towards paying down your loan, increasing your investment in your home. The great thing about owning a home is that it is a forced saving plan.

Ability To Personalize

If you’re a renter, your ability to personalize your living space is likely limited. Any major changes would need to be run through your landlord. But, when you’re a homeowner, you home is yours and yours alone. You have the ability to move in and make the changes that you want to make.

Tax Benefits

As a Knoxville homeowner, there are many tax benefits to home ownership. You are able to write off property taxes, mortgage interest, and any discount points paid at closing. There are very few tax deductions for renting.