Whether you’re a happily unattached working professional or a young couple with a couple of kids in tow, you are probably questioning the logic of buying your own house when you could just rent. Even though the process of acquiring a house may seem a lot more complicated compared to simply paying your monthly rent for an apartment, you’ll eventually find many reasons on why buying a house actually works to your advantage. Here are just 10 things to look forward to when you finally decide to become a home owner:
A solid investment. Generally speaking, house prices increase over a given period of time. It’s a good investment, because this means that if you buy a house today, you can sell it off at a higher cost in, say, two years from now.
Tax benefits. When you purchase a house, you can actually deduct your mortgage interest from your taxable income. Of course there are several determining factors for this, like mortgage size, interest rate, and your tax bracket. But even with all things in consideration, it’s a given rule that the new the mortgage, the higher the amount of interest that you’re required to pay – and that spells out a bigger tax break as well.
A real property. Imagine this: you’ll actually be buying your very own property instead of continually paying for something that belongs to your landlord. Isn’t that a nice thought?
Low interest rates. At the moment, interest rates in the real estate market are fortunately lower compared to the previous years. This spells out that you can pay off your mortgage easier – and get rid of it faster as well.
Equity in your own home. You can make use of your home equity to get more affordable loans which can help finance other things you need – maybe your much-deserved vacation or money to buy new home decorations.
Emotional security. With your very own home, you no longer have to fret about irate landlords or rent increases every so often. You will most likely have an idea of what your mortgage fee would be like for years, so you can have a measure of emotional security in that, instead of continuously worrying.
Decorate and renovate. It’s your house, so it’s your call. Add your personal touch to every corner of your home, or hire a designer for that professional flair. You can do whatever you want, and you only have yourself (and the people you live with) to consult.
Have a pet and garden. Here are two of the best things about having your very own house: owning a little garden in the backyard, and being able to keep pets. There are not many apartments that let you have both.
Putting down roots. Being a home owner makes you more established in many things. You can seriously get to know your neighbors, or let your kids meet new buddies at the park. Many people don’t consider such things when they’re renting.
A greater community voice. As a local homeowner, you can have more say in matters like school issues and traffic regulations.
By: Vicki Stallings About the Author:
Vicki Stallings is a
real estate agent focusing on
Provo homes for sale. She has been helping home buyers for in the Provo and
Orem real estate market for over 11 years. She specializes in helping young families make the jump from renting to owning their own home.
