Last year, nearly 650,000 new homes were purchased in the United States. You may be wondering why so many people choose to buy homes when renting is seemingly less expensive. There are many benefits to buying your own home. Read on for the eight you might not know!
1. Homes Usually Increase in Value
This is called appreciation. Unlike many investments, homes almost always increase in value at a rate that’s close to inflation.
Many people consider buying a house to be a way to secure financial comfort for their retirement or for their children.
2. Tax Benefits of Buying Your Own Home
Did you know that your property tax, as well as a portion of your mortgage payment, are tax deductible?
This means that buying a house can get you more of your tax dollars back every year.
3. Predictable Monthly Expenses
While your landlord can raise your rent anytime they want, a mortgage is a fixed cost that doesn’t change unless you choose to refinance.
It won’t increase over time or suddenly change.
4. Over Time, It’s Less Expensive to Own than to Rent
The upfront cost of a downpayment and a mortgage can feel like a huge financial burden. But over time, you’ll pay less with a mortgage than rent.
And think about it this way. Paying a mortgage is like putting money into a savings account every month. Paying rent is like putting money into somebody else’s savings account.
5. Have a Backup Plan
While it isn’t ideal, you can borrow against your equity if you need money.
Many people use this option to consolidate or pay off other debts or pay for living expenses if they get laid off.
6. Enjoy Privacy
Most renters live in multi-family units or apartments. With neighbors upstairs, downstairs, and on both sides, it’s hard to find the privacy that many people crave.
Not only do you have to deal with noise, but you have to share outdoor space, and entries.
Homeownership provides people with peace, quiet, and privacy they love!.
7. Make It Your Own
Anyone who has ever rented an apartment knows the feeling of living on someone else’s carpet. But if you own the home, there’s nothing keeping you from ripping it out and replacing it with the hardwood you’ve always dreamed of.
Owning your own home means painting the walls, renovating, changing floor-plans, adding a deck, and landscaping however and whenever you want.
One of the benefits of owning a home is that you get to decide. You don’t have to live with someone else’s poor design or construction. Make it your own!
8. Get a Pet
A majority of rentable properties don’t even allow for pets, and if they do, there’s a weight or size restriction.
Owning your own home means you can have any size dog you want. Another one of the benefits of owning property is that in certain residential zones, space allowing, you can have other animals like horses, cows, chickens, and so on.
Remember This
The upfront work and sacrifice of saving a down-payment and purchasing a home can feel like a huge sacrifice. But buying your own home will only benefit you in the long run.
Contact a Baton Rouge Realtor today for help finding the perfect home for your lifestyle, job, and family!
