Today I want to share with you 4 benefits that come along with owning a home.
First and most important, financial stability. Yes it is true that buying a home comes with a lot of upfront expenses, such as the down payment, closing costs, and ongoing maintenance costs; but with a fixed-rate loan the homeownership cost remains consistent. Even if the costs of property taxes and homeowners insurance increase over time, your housing payments will remain relatively stable from year to year. In some cases, mortgage payments paid monthly may be less expensive than rental rates. The national rent average increases by 4% each year!
Second, buying a home is an appreciating investment. Generally, home prices increase over time – the average appreciation rate of homes in the U.S. is 3.9% per year. You can even rapidly increase equity in your home by putting down a larger down payment, paying towards your principal, considering a 15 year loan and tackling home improvement projects to increase your home value.
Tax benefits are another great reason to own a home. As a homeowner, you may qualify for a tax deduction which is money back on your tax return.These tax deductions can vary across home improvement expenses, insurance payments, claims on the house, and whether you’re a first-time homebuyer.
Lastly, freedom to personalize! Owning a home gives you almost complete control over the projects you want to take on. You can renovate, decorate and personalize however you want to. This is one of the major benefits of buying a home that renters can’t enjoy.
If you are ready to start shopping for a home or if you have a home you need to sell before you buy, give me a call. We can get your current home sold and into your brand new home!