The decision to buy a home is undeniably one of the biggest you will face in your life. For many people, home ownership is more of a dream, leaving them content to stay in their current apartment. Not knowing the benefits of home ownership, they may be stuck in that apartment for the next several years. Let’s look at the long term - here are some reasons to move on up
1. Tax deductions
One of the biggest benefits of homeownership is the ability to deduct mortgage interest payments from your taxes. That means more money for you! You can also deduct many other eligible expenses such as certain improvements. That's an easy win-win! Better house = better deductions.
2. Pride, Freedom, & a Sense of Community
With home ownership comes a deep sense of pride and accomplishment. You are now the ruler of your own private kingdom. You won't need to worry about inconveniently-timed landlord visits or that upstairs neighbor whose blaring alarm goes off at 4 AM. Don’t worry about losing your sense of community. You may no longer have the loud upstairs neighbor, but you will find a new sense of belonging in your neighborhood as you establish your roots in the community
3. Investments / Additional Income
The price of real estate and property increases each year, making it one of the safest long-term investments you can make! Building Equity will makes it easier for you to obtain a home equity loan to use for improvements, to finance your child's college education, to start your own company, or to cope with medical emergencies. You can also rent out some of your new space, such as extra bedrooms or basement space, to bring in a second stream of income!
4. Fixed mortgages don't go up despite inflation; Rent does.
With a fixed mortgage, you won't need to worry about your rate increasing every year. Rates are currently at historical lows, which make it an excellent time to apply for a home loan. Additionally, you won't need to worry about your home being sold out from underneath you. Renting comes with the potential that an investor may buy your complex and raise your rent or make major changes when you renew your lease.
5. Customize Space and Buy Less Furniture