A record number of Americans bought a home in 2020, the most since 2004 before the housing crisis. The current state of the real estate market is no doubt a factor, but there are also many benefits of owning a home.
If you are on the fence (no pun intended!) about buying a house, you might be wondering about these homeownership benefits for your pros and cons list.
So, here are a few of the top home-buying benefits for your pros column, which are sure to outweigh your cons.
Build Equity and Wealth
The main benefits of owning a home are financial. With a 15 or 30 year fixed-rate mortgage, you have complete peace of mind that your monthly payments will not increase in that time. Rent prices are much more volatile and unpredictable.
There is also research that suggests that homeownership is one-fifth cheaper than renting. And if you rent, then you are giving your monthly housing payments to a landlord. But if you buy a home, paying off your mortgage is a great way to build your own wealth.
You cannot put a price on housing security, especially once you retire.
Plus, investing in property is still a fantastic investment. You could sell your home for a profit and upgrade to a better property or rent it out long-term or as a holiday let for an income stream.
Many Tax and Credit Benefits
Paying off your mortgage will help you build your credit score. It proves you can pay off your debts so you can extend your line of credit with banks.
There are also several tax benefits of owning a home. Many homeowners can deduct monthly interest payments on their mortgage from their tax returns. Others can deduct certain home purchases and home insurance, too.
Check with your accountant to find out exactly what deductions you can qualify for as a homeowner.
Freedom To Make the Home Your Own
Many renters cannot paint, renovate, or fix up the property they are living in without their landlord's say-so. And if something breaks, they need to contact the owners, who might take days or weeks to fix an issue.
As a homeowner, you will have full control and freedom over your house and make it your own. You can knock down walls, plant a vegetable patch, whatever you want!
Become Part of a Community
But one of the most rewarding benefits of owning a home is being part of a community. Renters often have to move around, but homeowners only have to move once if they want to. Contact movinginsiouxfalls.com or atlasvanlines.com to find out more about moving within a small community.
You can get to know your neighbors, join local classes, and your kids will be able to grow up with the same friends.
Reap the Benefits of Owning a Home Yourself
Figuring out how to buy a house if you are a first-time buyer is not easy. But the benefits of owning a home far outweigh the alternatives like renting. So, start researching home buying tips, get on the property ladder, and experience those benefits for yourself.
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