Are wondering if buying a house is the right thing to do? This list will help you made an informed decision. Having reservations is normal but the more you know about the benefits of buying a home, the less scary the entire process will appear to you. Here are seven excellent reasons why you should buy a home:
1. Tax benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
2. Appreciation. The price of real estate continues to increase every year (average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®) therefore purchasing real estate is one of the safest long-term investments a person can make.
3. Equity. Building equity, gives you more freedom financially as you can access a home equity loan. You may then borrow against the equity you have built in your home for an array of reasons including home improvements, paying for school for your children, medical reasons, or even starting your own business.
4. Predictability. Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.
5. Freedom. The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle. When you’re renting, your landlord might have rules about what you are and are not allowed to do.
6. Sense of community. Owning a house gives you a feeling of belonging in that neighborhood and gives you the sense of putting down roots and getting established. Remaining in one neighborhood allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.
7. Privacy If you own your own house, you don’t ever have to worry about the owners checking up on you, since you are the owner! You will gain much more independence and privacy when you have your own property.
Ultimately the decision of whether this is a good year for you to buy a home will depend on your specific financial situation. It’s important to look at your finances now, as well as your financial goals. If you or anyone you know is considering to buy a home this year, Call me. It will be an honor to guide and represent you in the process to buy a home. As always, I am here to help!