If you are thinking about buying a house and need some convincing, there are some good reasons why you should take the plunge. While owning your home comes with a great deal of planning and responsibility, there are many benefits that outweigh any grievances of being a homeowner.
If you are renting now, you are essentially spending your money on something you will never own. Becoming a homeowner means that you are investing your money in something that is yours, and nothing beats that. However, owning a home is not for everyone. But for some, it is a dream come true.
Here are some other reasons why buying a house is a good idea:
- 1. Owning is less expensive than renting. While it may seem cheaper at the time, your monthly rent can actually allow you to afford your own home depending on what price range it is in. Your rent could go towards a property that can have your name on it.
- 2. You can make your house your own. You’ll be able to paint the walls any color you choose and remodel the kitchen and bathrooms just the way you want. The possibilities are endless when you have the freedom of changing your home to fit your tastes.
- 3. Your home becomes part of your net worth. The average home owner is worth 35 times more than the average renter.
- 4. You can get a great mortgage deal. Mortgage rates are the lowest on record right now. Prices have gone down in the last few years, and it is definitely a buyer’s market.
- 5. You can tap into your home’s equity. This can be done through a cash-out refinance, a home equity loan or home equity line of credit.
- 6. No more dealing with landlords. Those pesky landlords who refuse to make improvements but continue to have their hand out for the rent will no longer be getting your hard-earned money.
- 7. You can save on taxes. You can deduct real estate taxes and the mortgage interest from your income taxes. You may also be able to get tax breaks on capital gains whenever you sell.
- 8. The housing market is promising right now. The housing market is on the upswing in many parts of the country and now is a great time to buy. Over the next few years, the chances are good that home prices with increase, along with interest rates.
- 9. The choices are plentiful. There are a plethora of homes for sale in today’s market, and more keep coming in as the banks unload their unsold properties.
- 10. It feels good to own. Again, if you’ve been renting, you know how much money you have been literally throwing away. And nothing beats ownership.
As you can see, there are many great reasons why it’s a good idea to buy a home. If you are on the fence, make a list of the pros and cons for your particular situation. If you do decide to start the process of buying a house, you can get a free home valuation report from Neighborhood IQ to find out your home’s true worth. The last thing you want is to regret that you didn’t buy when you had the chance.
