For most people, one of the biggest financial decisions they will ever make is choosing to buy a home. There is an emotional aspect to making this decision for many, as it’s often considered a large part of the American Dream. If you are considering owning a home, check out this list of some of the benefits of buying a home to help you decide.
Building for the Future
Paying your mortgage each month builds equity. You can rent for years, but all you get when you move out is your deposit back if you’re lucky. When you buy a home, over time, that equity can be used towards purchasing another home, a life goal, or home improvements.
Greater Privacy & Control Over Your Space
When you rent, you are limited in how you decorate or upgrade your space without getting permission from your landlord. When you own your own home, you can feel free to decorate as you want, as any upgrades you make can also contribute to increased return value on your home. In addition to truly making a space your own, you no longer have to hear your neighbors or have them hear you!
Establishing Credit
With on-time payments, a mortgage can be one of the most powerful pieces of credit you can have, to add substance and establish strong credit.
Sense of Community
Owning a home helps anchor families in a community and therefore helps anchor the community as well. See what you and your neighbors can accomplish when you have a financial stake in the neighborhood.
A Solid Investment
Your home isn’t just where you and your family live it’s also a sizeable investment. As you make home improvements and pay down the balance, you put more money into your long-term piggy bank. Also, generally speaking, home values increase over time. According to newsweek.com the median price of a single-family home has more than doubled, from $166,200 in 2011 to $356,600 in 2021.
Tax Benefits
In most cases, interest paid on a mortgage is deductible. Please consult with a tax advisor, as Homestead Financial does not provide tax advice.
School District
When you’re looking for a home, giving weight to living in a good school district can be a smart idea – whether you have kids or not. Quality of education is important to many parents and can be especially important if you have children with unique learning needs. But even individuals without children can benefit from choosing a home in a good school district. Homes in those areas tend to have higher resale value due to the demand of folks seeking to live there.
At Homestead Financial Mortgage, our professionals know the benefits of owning a home. We are committed to helping you get in your home quickly and without stress. When you’re ready, we are here with 24/7 expert support you deserve.