You and your spouse have always wanted to buy a home. A place where you can stay permanently and raise your family. The problem is that buying a house is a lot more expensive than renting.
You’re not sure if you can afford to move out of your two-bedroom apartment. We’re here to tell you that you can and should. The starting costs are expensive, but after you get past that, there are several benefits of owning a home.
It’s not only a place where you can stay and build your lives. It’s an investment in your future. Check out this home buying guide to learn more.
It’s Not a Bad Investment
Buying a home is a worthwhile investment once you get done paying all the beginning fees. Nobody moves into a place and leaves it the way they entered. You make improvements over time.
Maybe you decide to get an inground pool or have a nice deck installed. Both these things increase a home’s value. That means if you want to sell the house one day, you might be able to get more for it than what you paid.
This is especially true if you got a first home owners grant to help you pay for the place.
One of the biggest reasons to buy a home is the stable payments. You have a set mortgage that you pay each month. This allows you to easily plan out your expenses.
As far as renting goes, the price tends to fluctuate each month. When you renew your lease, the landlord can increase your rent by a large margin too. Your mortgage will never go up like this.
There are a bunch of tax benefits of owning a home. You can deduct your real estate taxes, mortgage interest, private mortgage insurance, and more.
Sure, this will make your taxes a little more frustrating to fill out, but that’s why there are preparer services out there that can help you. Trust us, it’s worth it for the extra money in your pocket.
You Build Equity
When you start shopping around for a new home, you’ll hear the word equity thrown around a lot. What is equity? It’s the cash that’s left over when you subtract the amount of money you owe on the loan from the actual total value of the house.
All of that belongs to you. As you pay off your home, you build up more and more equity. You can use this equity for several things in the future.
This includes buying a new home. It gives you more borrowing power in the future as well. You can take out a second mortgage or get a home equity loan in the event of an emergency.
It Boosts Your Credit Score
Building equity isn’t one of the only benefits of buying a home. You’ll also increase your credit score with each payment that you make.
When you pay your bills on time each month, it shows that you’re responsible. Borrowers will look at this and will be keener to giving you a loan on future expenses.
This means if you want to upgrade homes later, get a loan to build an addition to your house, or get a new car, you’ll have plenty of pulling power. Couple this with your home equity, and there’s nothing that you can’t do.
You’re Free to Do Whatever You Want to the Place
Once you get the keys to your own place, you’re free to do whatever you want with it. If you want to paint it baby puke green, that’s your choice.
Is the kitchen not up to your standards? You can have it redone whenever you want. As far as pets go, most apartment complexes and rented homes have breed restrictions.
Not to mention that they will only allow you to have one or two pets. If you want an exotic pet such as a snake or bird, you can forget about it.
When you own your own home, you can have as many pets as you want. It doesn’t matter what they are. As long as you can take care of them, the sky is the limit.
Yes, there are actually health benefits to owning a home. Since the payments are more stable, you won’t be as stressed to pay all your bills on time each month. Don’t get us wrong, a little stress is okay, but too much can cause a bunch of physical issues.
For example, when you’re worried about your bills, it will make it harder to sleep at night. Owning your own home is also a confidence booster. Having higher self-esteem has its own fair share of health benefits.
It Gets Easier with Time
When you first buy your home and the rose-colored glasses come off, you may begin to feel like you’re in over your head. You could feel the strain from the purchase for years down the line. We promise that it gets easier.
As you get more secure in your career, the mortgage payments become less of a strain. Again, you’ll also build home equity that you can use later for emergencies.
Benefits of Owning a Home Vs. Renting
Taking out a mortgage and buying a house can be stressful at first. It’s hard coming up with a down payment, but it gets better. There are tons of benefits of owning a home.
You’ll have a place that’s yours where you can plan for the future. You’ll build up equity and credit that you can use later to upgrade houses. You can do whatever you want with the place.
So, get on the phone with a realtor today and invest in your future.
Once you buy your home, it’s going to need a few upgrades. Check out the Home Improvement section of our blog daily to get a few great design ideas.