Buying a home may be the American dream, but it can definitely be quite a task. You need to make sure you have good credit, are able to make a down payment, and of course, move in all of your belongings. Yet with many things that need to get done prior to buying a home and of course after moving, why is that most people still perfer to buy a home verus renting? Simple, they know that buying/owning a home will overweigh all of the things they may encounter all the way.
Here’s a list of the Top 10 Benefits Of Buying A Home
1. Predictable monthly housing payments. — You do not have to worry about your landord increasing the rent once the lease expires. With owning a home; you are already locked into a fixed monthly mortgage payment.
*Bonus: Your housing budget goes toward your homeownership, not your landlord’s.
2. Appreciation. — Owning a home is an asset and in many cases it will appreciate in value over time.
3. Tax benefits. — There are many tax benefits to owning a home; property taxes is an example of one.
4. Freedom to make modifications. — You have the freedom to decorate, paint, and design the interior of your home any way you like. You have no restrictions as to how you would like the interior of your home to look.
5. It’s cheaper. — Although the inital down payment may be high, your overall monthly break down of owning a house is significantly cheaper then paying rent.
6. Increased privacy. — You will have even more privacy with owning a home. You can even put up a fence for addtional privacy.
7. Built-in rainy day fund. — By owning a home, you have the opportunity to borrower money on the equity you’ve build into your home by paying your mortgage. You can always use that money for an emergeny, a project, or another expense.
8. Community ties. — Having addtional community ties is another benefit of owning a home. Your taxes are going to local schools and organizations. If you buy a home in a neighborhood with an HOA — you can have your voice heard on community matters, if you wish to do so.
9. A secure retirement. — Owning a home will be a great investment towards retirement. If you get to the point where you want to downsize or even upgrade — you can always rent out your current home and you’ll have some income from the rent.
10. It’s yours! — Somewhat obvious — but isn’t there something extremely comforting in knowing there a place that you can call your forever home?