Are you thinking of getting out of your rental and buying a home? Are you trying to decide if you’re ready or if it’s the best option? There are several perks to buying a home that you may want to keep in mind. Although it’s not the best idea for everybody, there are a lot of benefits that can’t be overlooked.
Better off Financially
Dependable monthly payments. Rent payments can increase whenever the landlord feels like he/she needs to do so. This is something you can’t plan on and yet you’ll have to make it work somehow. Mortgage payments are set in stone. The amount won’t change. No more surprise increases for you!
Tax benefits. Owning a home comes with a lot of tax-deductible expenses. Because I don’t want to lose your attention with all the “tax talk” I’m not going to go into full details here, but this article on TurboTax has some more information on homeownership and taxes.
Cheaper than renting. In many cities across the country, owning a home is actually cheaper than renting. Not only do you get more space for your money. If you spend some time looking, you can find something you really love, bigger than your current space, for less each month.
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Equity and Appreciation
Your money is going toward something you own. When you buy a home, the mortgage payment each month is going toward your equity. Yes, you are paying some interest, but majority of your money is really just going back to you.
Your home is likely to increase in value. More often than not, homes increase in value over time. So, not only are you paying money into something you own, but your home is likely to be worth more years from now. Want to sell it again down the road? You can actually make money!
Once it’s paid off, it’s totally yours. Imagine not having to pay for the place you live! Wouldn’t that be nice? Once you pay off your home (early or on time), the home is totally yours! No more money going toward housing!
You’re in Charge
You can make any changes you want. Want to remodel the kitchen? You don’t have to ask for permission! Make any modifications or renovations you want because it’s yours!
Move when you want. You’re not contracted into a lease. If you get a new job, or want a change of scenery, you have the freedom to move when you want. Now, that doesn’t mean the home will sell at the exact time you’re wanting, but it won’t be because you’re stuck in a contract.
Pay it off when you want. Have you had a significant pay raise since you first financed your home? Want to pay it off early? No problem! Start throwing a larger chunk of money at the home! Get that baby paid off ASAP so you can live life worry and rent free!
Like the idea of owning your own home? Want to start looking for your dream home? Call/text us today! 480-221-3327