Did you know that in 2019 the homeownership rate in the US was 65.1% of households?
There’s always a toss-up of choices between deciding to rent a house or purchase your own home. Understanding the benefits of homeownership can help you decide which route you want to take.
So, if you’re on the fence about buying a home, then keep reading to find out the top benefits of home ownership you need to know before taking the plunge.
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You Can Choose Your Area For The Long Term
One of the main benefits of owning your home is the fact that you’re able to select the area in which you’ll be staying in the long term.
When renting a home, you don’t always think about the future whether that be short or long term. When buying a house, however, you can think about things like schools, neighborhood activities, and other things that would benefit your family as time goes on.
The beauty is that you may have been in the area for a while renting, and you now know that this is where you want to settle, buying a home can allow you to do this permanently.
Your Monthly Payment Will Remain Constant
With rentals, monthly rent amounts can fluctuate each time you renew your agreement or lease. When buying a house, the agreement that you sign at the time of purchase with the bank will lock in what you need to pay per month on your mortgage.
So, one of the great benefits of deciding to buy a home means that you’ll be able to accurately budget for months and even years to come.
There Are Awesome Tax Benefits
When purchasing a home, you gain access to many tax benefits allocated to homeowners only.
What tax benefits you may ask?
Well, the amount you pay in property taxes and your interest rate (depending on the value of your mortgage) are tax-deductible.
Also, once you own a home, there are tax benefits to deciding to make your home green and more energy sustainable.
It’s Almost Always An Investment Well-Made
When buying a home, you’re restricted to what you can afford at that time or what mortgage you may be approved for.
This doesn’t mean you’re locked into that home forever, depending on the area and what the years bring, more often than not, your home is an investment that will always reap benefits for you.
One day, if you decide to upgrade or move to a larger home, you’ll at least make your money back, and depending on the improvements you’ve made to the home, sometimes you can make a large chunk more.
Understanding The Benefits of Home Ownership
Now that you understand there are benefits of home ownership, you can decide whether to take the plunge or not.
Remember though, that choosing the right home for you can be a journey, from hundreds of viewings, to price negotiations, and more.
Stay patient, and be transparent with your realtor on what it is you’re looking for.
Head on over to the mortgage section of our website if you’re looking for more great content.