this post was submitted on 31 Aug 2023

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Finance

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The Absolute Insanity of Not Buying a Home When You’re Young (www.riskology.co)

submitted 1 year ago* (last edited 1 year ago) by Recant to c/finance

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While buying a house is not a luxury everyone can afford, buying one instead of renting provides several key benefits that pay off in the long term.

What does everyone else think about buying when compared to renting?

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[–] ATQ@lemm.ee 3 points 1 year ago* (last edited 1 year ago)

This is effectively not true.

Any capital improvements to your home add to the homes “basis”. When you sell, your gain is the sales prices of the home less the cost of the home less capital improvements less cost of the sales. The US already allows for a significant exclusion on the gain on the sale of a primary residence from income taxes so overwhelmingly nobody will get a tax benefit from a new roof or bathroom or whatever.