There comes a certain age where browsing homes on Zillow seems more exciting than a night out. Usually, at that age, you’re still renting and wondering things like, “When should I start considering buying a home?”. Chances are, its a good time to start prepping for the process! Check out these awesome advantages of becoming a homeowner!
Predictable Monthy Payments
While renting, a landlord can raise your rent whenever your lease expires, and often there is no say in the amount. With a mortgage, you can budget around a monthly payment that goes toward your homeownership and not your landlords. If you plan on staying in an area for more than two years, buying a home may be the perfect choice for you.
Discover Card has a great calculator to help you estimate what your savings maybe if you decide to buy vs. rent!
Tax Benefits
Lucky for us, many of the expenses that come with owning a home are tax-deductible! Things like your property taxes, your accounting costs, and even the interest you pay on your mortgage will be deductible, allowing you to keep all of that money that you worked hard to earn.
Freedom To Do Whatever You Want
Renting tends to leave the interior designer inside of us all, very unsatisfied. Without the owners’ permission, you are very limited on things you can change in a rental. When you are a homeowner, you are free to do whatever Pinterest DIY you find, and you can keep it as long as you want.
Appreciation
Most homes tend to see their value increase over the years. If you purchase a home for $150,000, and the annual appreciation rate is about 3%, in 30 years, your home will be worth $449,043. This is an incredible increase in the value, and you definitely won’t get that kind of return if you are renting.
Ties To Your Community
Owning a home in an area, you plan to stay in for a while also allows you to have an impact on your community with your taxes benefiting local infrastructure, schools, and organizations. You’ll also have the ability to have a voice in the way things are run in your community.
Believe It or Not, It’s Cheaper
Sure, there’s the upfront cost of the down payment and closing. But when the cost of rent rises, as a homeowner, you won’t be affected by it. So, you can continue making your monthly mortgage payments at the same amount you planned on.
Increased Privacy
Have you ever had to put the pillow over your head because your upstairs neighbors decided to throw a party at 2 A.M on a Wednesday? In a home of your own, you’ll tend to find that happens a lot less! You can also place security measures like security cameras and alarms, fencing in your yard, all at your own will without needing permission from a landlord.
It’s Yours!
With a rental, you run the risk of getting kicked out 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?
