Top 8 Reasons You Should Buy a Home This Year
Often called the cornerstone of the American Dream, homeownership has always been an important milestone of adulthood. Do you have mixed feelings about buying a home right now? If you need some inspiration to start house hunting or just want to make sure you’re taking advantage of all that homeownership has to offer, check out this top 8 list of reasons why you should buy a home this year!
- Homes Typically Increase in Value
By purchasing a home, you’ll have an asset that, in many cases, will increase in value over time. This makes your home one of the best investments you can make and a way to establish a financial foundation for future generations (aka your kids).
- Predictable Monthly Housing Payments
No more worrying about crazy landlords or rent increases. As a homeowner, you can lock in a predictable mortgage payment for as long as 30 years. Bonus: Your housing budget goes toward your homeownership, not your landlord’s.
- Tax Benefits
There are many expenses of owning a home that are tax-deductible. For example, you can deduct the interest you pay on your mortgage from your taxable income. Homeowners often find that owning a home costs substantially less than renting a home.
- Pride of Ownership
Owning your own home gives you and your family a sense of security and stability. With a rental, there is always a chance of having to move at the end of your lease. With a home, you can live there indefinitely. And isn’t there something comforting in knowing there’s a place where you’ll always have a roof over your head?
- A Secure Retirement
A portion of your payment each month will go to the principal of the loan. This shouldn’t be considered a cost, but a plan for saving since you’re just paying yourself by building equity. This will be extremely useful when you’re ready to retire. As you get older, you can sell the home and use the proceeds to purchase or rent something smaller. Another option: Rent out the house to maintain a steady income stream so you can travel or use for other recreational activities.
- Freedom to Make Modifications
Do what you want with the home. Paint it purple, have black carpet, punch a hole in the wall. These types of changes are often impossible when renting but when you own a home, you can design it as you please.
- Have as Many Pets as You Want
Love your pets? Homeowners can relax and enjoy their pets without worrying about landlords or paying extra fees to have them with you!
- Built-In Rainy Day Fund
Homeownership provides you with the opportunity to borrow money on the equity you eventually build up by consistently paying your mortgage.