Have you been renting for a long time but thinking of buying a home? If that is the case, then looking at home listings and browsing real estate websites are great ways to get started. You may be hesitant to take the next step, but there are so many good reasons to contact a realtor and get underway.
When you rent a house you are subjected to the rules and restrictions of the landlord. Sometimes, without warning, you will get one that decides to come over and inspect whenever they choose. This can happen even though they are required by law to notify tenants. When you possess your own home you are the King or Queen of your castle. No one can intrude without your invitation. It is very difficult to put a price on that sort of comfort and peace of mind.
2. You build equity
Every month that you make your mortgage payment a part of it goes towards the principal that you owe on the loan, which in turn increases your equity. Also, as time goes by and improvements are made, you will increase the value of your home, in turn creating increased equity for you.
3. Tax deductions
When you own a home you get many much-needed tax deductions that can help reduce the amount of money you pay in income taxes every year. Property taxes and mortgage interest payments may also be deductible on state taxes as well as federal taxes.
When you rent, you really have no idea where you will be from year to year or month to month depending on the lease that you have signed. Currently, you might be renting a house that you have been in for many years. A landlord can choose not to renew your lease. Sure, they have to give you notice, but the place that you have come to call home is taken away, leaving you with the task of finding somewhere else to live. When you buy a home you don’t have to worry about this anymore. As long as you make the payments diligently, no one can take your home from you. It is your home until you make the decision to move on and buy another home.
5. It is an investment
People will try to tell you that buying a home is a burden rather than an investment. That simply isn’t true. Buying a house is the best investment you can possibly make because unlike your 401k, you can actually live in your house. If the stock market crashes, your home won’t just suddenly disappear. It’s still there while the rest of the financial world is on fire, and like everything, sooner or later it will go up in value. So when you choose to decide to sell you can get your money back.
6. There is pride in being a homeowner
When you own a home, it is yours. You have something to show for all the hard work that you have put into maintaining it over the years. The pride in taking care of your own home will be evident as passersby offer compliments. You will be the envy of the block as everyone notices your perfectly landscaped yard. You are also part of a community. The people around you will be part of your family’s lives for many years to come.
Owning a home is one of the greatest accomplishments of which we are capable of. Get started on buying a house today and get the overall relaxation and security you clearly deserve.