(636) 898-0888   Toll Free: (877) 456-2900

back to all posts

Advantages of Buying Over Renting in St. Louis

Oct 28, 2019 | Industry News

Share this Post

Are you struggling to make a decision of whether to buy a home in St. Louis instead of continuing to rent? This is an understandable dilemma since purchasing a home is a huge financial commitment. However, there are advantages to being a homeowner which may help you in your decision making process. Here are a few to consider:


Creative Freedom

When you purchase a home, it’s yours to do with what you want. You can decide on layout, paint colors, landscaping choices, appliances, and so on. Every upgrade you do can be personalized to your taste. Consider your home a blank slate which you are able to design to your taste and needs. If you’re not in love with carpet, you can replace it with tile or wood floors. Have you always wanted a front door that adds a pop of color? You can paint it any color you wish. Be aware when purchasing – if the home has an HOA, there may be restrictions as to the changes you are allowed to make. This can be a good determining factor when choosing the home of your dreams.


Appreciation Benefits

Buying a home is an investment and any upgrades you make to the home can add value, increasing your equity if you choose to sell later on. In purchasing a home, you have now acquired an asset that will increase in value on an annual basis. Additionally, each mortgage payment you make is not only applied to your interest but also to your principal. Your monthly payment is decreasing the amount you owe on your home. This combined with the annual increase in value increases your equity.


Predictable Monthly Payments

There are many mortgage options available to homebuyers. If you choose a fixed rate loan over a term of thirty years, you know your monthly payment will not change. Rental contracts, on the other hand, typically involve a lease that has a duration of six months to a year. Once that lease is up, the terms may change and you may be faced with a rent increase. Landlords are bound by the lease you sign, but all things can be renegotiated once the lease term is over. They may decide to sell the property and the new owner may want to live there or rent it to someone else. Renting can be unpredictable in comparison to owning.


Tax Benefits

Yes, there are some additional upfront costs to owning a home, such as property taxes and mortgage interest, however, these are tax deductible. There may be additional tax benefits as well, such as deducting your private mortgage insurance or adding environmentally friendly upgrades to your home. It’s best to consult with your tax accountant to determine the items you can use as deductions. Taking these deductions into account, owning a home can be less expensive than renting.


Stronger Community Ties

In purchasing a home, you’re essentially committing yourself to being a part of a community for a significant period of time. The property taxes you’re paying are going towards maintaining and improving your community. This has an effect on the relationships you make with the others in the community. Pride in your home reflects pride in your neighborhood and in turn, formulates stronger community ties.



There are multiple advantages of buying over renting. Probably the most significant advantage to being a homeowner is it is yours – you can choose to live there as long as you like, and the memories created will last you a lifetime. What did you experience when you bought your first home?

Previous PostNext Post

Related Posts

Online Home Shopping in St. Louis

Creating the Perfect Guest Bedroom in Your Chicago Home

A New Coat of Paint Can Make a Big Difference for Your Chicago Home