There are Many Advantages to Owning a Home

Post: There are Many Advantages to Owning a Home

There are Many Advantages to Owning a Home

There are Many Advantages to Owning a Home

There are Many Advantages to Owning a Home

There are Many Advantages to Owning a Home

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Are you thinking about buying your first home? There is a lot to consider when contemplating such a large purchase. A home might be the most expensive thing you ever buy, so it’s not a decision that should be taken lightly. If you are interested in buying a home, but you are still weighing the pros and cons of home ownership, take a look at the below list of advantages of owning a home:

Advantages to Owning a Home:

Your monthly mortgage payment might be less than you’d pay in rent. Many prospective home owners are under the impression that their monthly mortgage payment will be double or triple what they’d pay to rent a place. This is not necessarily the case. In fact, mortgage payments are often significantly lower than rent payments.

You will actually own something when your mortgage is paid in full. When you make mortgage payments, you are gradually paying down your mortgage. If you choose to stay in your home for the duration of your mortgage term, you will own the house outright in the end. If you rent, you will certainly have a place to live, but your payments will not be used to pay off a loan.

You can personalize a home that you own. When you rent, you may not have the ability or desire to personalize your home. Your landlord might have restrictions, and you may also not want to spend your time and money on personalizing something that you do not own. When your own a piece of property, you have free reign to customize it with paint colors, decorations, and modifications.

You will have tax benefits. When you have a mortgage, you may be able to deduct the interest you pay on the loan on your tax return. Also, as a homeowner, you will likely have to pay property tax. This is something that may also be tax deductible. (Note: it’s important to consult with a tax professional to determine exactly what you can and cannot deduct on your tax return.)

The value of your home will probably appreciate over time. While there are never guarantees with real estate, there is a good chance that the value of your home will appreciate over the course of time. Therefore, you can look at home ownership as an investment.

You may have the opportunity to refinance your mortgage in the future. If you purchase a home with a mortgage, you may have the ability to refinance the loan in the future. You may choose to refinance if interest rates fall or if you want to tap into your home’s equity.

 

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2 thoughts on “There are Many Advantages to Owning a Home”

  1. I’m glad that you brought up that a mortgage payment is typically lower than rent payments. I have heard that this is especially true if you are in a metropolitan area. That’s enough for me to reconsider renting. I am getting ready to move to a new city soon and I have been debating on whether I should rent or buy because I’m not quite sure how long I’ll be in the city. Regardless of which way I decide to go, It’s important to me that I find a realtor that can help me find the place that’s right for me and my situation.

  2. I agree with you that when a person owns a property, they have the freedom to repaint, redesign, and redecorate the home without worrying about landlord restrictions. That’s actually the reason why my older sister was planning to move out of the house that she’s renting and start looking for a house that she can call hers. She’s the type of person who wants to beautify her place, and basically, she can’t do it when she’s renting. Thanks! I’ll be sure to do my best to support her.

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