Owning a home is what many people are dreaming about, but not many of them are brave enough to transform their dreams into reality. While renting has its benefits (like flexibility and being location-independent), today, we’re going to take a look at why you should consider buying a home, as there are plenty of reasons for doing so:
- Tax benefits
Did you know that if you live in the US, becoming a homeowner yields some significant tax benefits? In concrete terms, you will be given the option to deduct mortgage interest on your federal income tax. The size of this deduction can make quite a difference, and this is especially relevant in the early stages of becoming a homeowner. Property taxes are deductible as well.
- Long-term savings
If you’re certain you’re going to be residing in a certain area for a long period of time, buying a home is actually the cheaper option compared to what you’d have to shell out by paying rent over the course of the years. Furthermore, renting costs could up over time, which works in your favor if you’re the owner (and against you if you’re not). Finally, when the decades fly by, you actually get to own the property, while you’d get nothing if you decided to pay rent.
- Stable monthly payments
As market trends shift, the prices can go up, which could have an effect on rent costs. However, that is not the only reason for this to happen; in fact, the landlord may up the prices whenever he or she pleases. On the other hand, you can opt to buy a home instead and take a fixed rate mortgage. That way, you can count on stable monthly payments and put that aspect of your life right back under your control.
- You can alter your home without asking for permission
When you become a homeowner, you no longer need to ask for permission to implement certain changes like installing a new bathtub, having regular residential lawn mowing, getting a sunroom addition, or painting the living room. In essence, you get to be your own boss, and truly create a home which you can call your own. Those who are paying rent simply don’t have that kind of flexibility, and the landlord can deny even the smallest of requests without having to present any kind of argument whatsoever. You can also change the look of your exterior by having a new roofing installation or siding with the help of a professional roofing contractor.
- You don’t need a load of savings
Thanks to loan providers like Home Loans for All, having a ton of money saved up is no longer needed in order to own a new place. Simply visit their website, answer a couple of quick questions, and they will get in touch with you soon after to discuss the terms of the loan. Being able to do this online saves you the hassle of having to visit the bank and spend your valuable time on long interviews.
Conclusion
If you know what you’re searching for in life and have decided to spend the majority of it in a certain area, do yourself a favor and consider putting down your roots for good. At the end of the day, there’s nothing like a soothing feeling of stability that you can only get from owning your place.
