You may be looking up the steps on how to get from point A to Z in buying your first home but have you ever stopped to ask… WHY should I buy a home? OR what are the benefits of home ownership? We are giving you 5 awesome benefits to buying your first home. Once you’re convinced, then we can help you with the HOW. Enjoy your path to your very first home!
1 – Freedom! Buying Your First Home Means No More Landlord
Each time that rent check is due, it stings a little knowing that you are paying it out to someone else. With national rents jumping 2.4% higher than this time last year, the cost is only going up according to research here. Buying your first home with a 30 yr fixed mortgage means your mortgage payment should stay the same for the next 30 years. Imagine how much you’ll save in that time period and you’ll be paying yourself, not the landlord!
2 – Tax Breaks. You Actually Get A Tax Break
Tax breaks for first-time homeowners can get a little confusing but the first year you buy a house can lead to first-time home buyer tax credits which will help you save as newbies. These rules are always changing and I’m no tax accountant but here are some things that could save you – Home Mortgage Interest Deduction, Mortgage Interest Credit, Mortgage Points Deduction, Property Tax Deduction, Home Improvement Tax Breaks, and Home Energy Tax Credits. Read in more detail how buying a home can save you with tax breaks.
3 – Make It Your Own. Decorating and Home Improvements are Limitless
The best part about getting into your own home is making it completely your own. Paint it a million colors if you want, rip out that old carpet, replace those old windows, and make it completely what you dreamed of. The even better thing is, if you decide to do some home improvements they can add value to your home when you decide to sell down the line. It’s a win-win for everyone! Check out some of the best home improvement ideas here.
4 – A Little Thing Called Equity – Make Money On Your Investment
The housing market always ebbs and flows, but overall history shows that home prices will continue to increase. This means if you buy your home today for $450,000 and you live in it for 5-10 yrs, you could have a significant increase in the value of your home. The housing crash back in 2008-2010 scared a lot of people and required a lot of home owners to lose their homes to the banks, but those that were able to ride it out are now back to a healthy market. New and stricter regulations will hopefully stop that from happening again and we are currently enjoying a very healthy market. So if you are thinking of investing and gaining equity on your home, now may be the perfect time.
5 – Create Your Own Path. Home Ownership Opens Up New Opportunities
Do you love watching HGTV or the home flipping shows to see how much profit they make on a home? Although real estate investments or flips aren’t as easy as they make it seem on TV, these shows still demonstrate the opportunity and unique path you can take with smart real estate investments. Some of the wisest businessmen understand the importance and strong investment in buying real estate, so tear a page out of their book and jump into the game with your first home.
Now everyone is different and maybe you are trying to figure out if home ownership is a possibility for you. Carefully consider the pros and have a good financial plan in place to set you up for success. Homeownership is a big event in life, but it can also be a really rewarding one! For more info on how to begin the process contact us to see how we can help you!