5 Good Reasons
Buying your first home is a huge step for most families. It requires a monetary and personal commitment to caring for a piece of property on your own. It can be especially scary for those who have been renters their whole lives. Whereas renters can depend on landlords and property owners to take care of maintenance and repairs, it suddenly becomes the responsibility of the new homeowner.
That shouldn’t put you off of buying your own home, though. If you’re still wondering if it’s time to take the leap, here’s 5 good reasons to get started:
- You’ll never have to worry about rent going up, and that’s definitely a good thing. Zillow estimates that renters can now expect to spend about 30% of their income on rent, compared to the 25% historical average. If you have a fixed-rate mortgage, you’ll pay the same amount every month for the entire term of your loan, regardless of whether or not mortgage rates are rising or not.
- The tax breaks are incredible. Owning your own home allows you to claim your mortgage interest rate as a deduction. This is often the biggest break that homeowners will see every year. Be sure to request a statement from your lender that details how much interest you paid during that tax year to claim your deduction.
- Have you ever wanted to paint the walls of your apartment? Get a pet? Install a new sink? These activities simply aren’t possible when you’re renting your home. Owning your home allows you the freedom to create whatever home you want. Your only limits are the ones set by your homeowners association and your local zoning laws.
- You can make money from your home. Real estate flipping is a serious industry and you can get in on it by taking measures to increase the value of your home. Even simple renovations, like installing new appliances or double-paned windows can increase the value of your home, which means you’ll make money when you sell.
- Your new home can change as your life changes. Instead of moving to to accommodate your growing family, you can create additions and space that fits your needs. Trying to be more eco-conscious? Install solar panels and low-flow toilets. Ready to get into gardening? You won’t have to ask anyone’s permission to till up your land. Your home is just that- Yours!