Five Reasons You Should Stop Renting and Buy a Home
At some point in every renter’s life, they stop and ask themselves if renting is worth it. Trying to decide when the time is right to make the move from renting to owning can be tough. Renters live a life of no strings where they don’t have to worry about maintenance, repairs, taxes or interest on their rented apartment or home. Even though the lack of responsibility is very tempting, the benefits of renting are short-lived. Renting gives you nothing to show for but a stack of cleared checks for your past rent payments. If you’re someone who has rented for years and want to own a home, like one of the beautiful new homes by Henry Walker Homes, you should take the leap. Most people consider buying a home a major improvement for several reasons. Below are five reasons to stop renting and start buying.
It’s a Major Investment
Every payment you make on your home adds to your investment. As time goes on and you continue making payments, you increase your ownership level. In the early years, you might only own 20 percent of your home; however, 15 years down the road, you have a very nice investment worth a lot of money. Always remember that your home increases in value if you maintain it well and make improvements.
Tax Deduction Benefits
There are many perks that come with being a homeowner. One of those is adding deductions when it’s tax time. In most cases, any interest accrued from your house payments and property taxes are deductible from your yearly taxes. For those using their home purchase for a profit, which might be the case if you buy the home to rent it out, you can also deduct things like maintenance and repairs.
You Own It
In many cases, the mortgage payment for a first time home buyer is pretty close to what they were paying in rent. Fortunately, when you buy a home and pay a mortgage, you are making a financial investment while people paying rent are only handing money to their landlord to invest themselves. In the end, your mortgage will be paid off one day and you own the home. When you rent, you give money away that you won’t ever see again.
Ability to Customize
When you own a home, you can make all the personal changes you want. If you want to paint your walls, change the carpet or change the landscaping, you can do it! When you rent, you must ask the landlord before you make any changes.
Buying Bigger and Better
Most first time home buyers don’t stay in their first home forever. Events such as marriage, career changes and children make it necessary for them to move to a new home. When you own a home, you can use that home to buy up when you want. Whether it’s more space, a new job or just to have a bigger house, owning a home gives you equity or money to buy up into one.
If you are tired of writing that monthly check and getting nothing for it, consider buying a home so that you are investing in your future.
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Category: Housing
