Buying a home is the American Dream, but let’s face it, it’s a huge undertaking and a lot of responsibility. Your credit might need to be cleaned up to qualify for a mortgage, getting together a down payment, and of course finding a home might take some time, but is it worth it? The simple answer is YES!
A hassle? A headache? Probably a little bit of both. However, the benefits certainly outweigh the challenges. Here are some benefits to consider that make ownership worthwhile:
- Tax Benefits: Yes. There are many expenses to owning a home, such as property taxes and accounting costs and of course the mortgage interest. However, keep in mind, these items are deductible! These items are deductible and allow you keep more of your hard-earned money! Talk to your accountant.
- Rent vs. Buy: Sure, there is the upfront costs of the down payment and closing costs, however, after that, the monthly mortgage payments are static and usually less expensive than paying rent.
- Appreciation & Investment: Owning a home provides a you a valuable asset and financial stability. Depending on how long you plan on living in your home or even it was a fixer-upper, you can typically count on your home appreciating and increasing in value, thus growing your retirement account.
- Freedom to Modify: You can paint, knock down a wall, remodel the bathroom, kitchen or landscaping without approval from a landlord. It’s yours! Make it your own without having to ask permission from a landlord. Improvements can only help the resale value of your home!
- Stability: At the end of the year lease term, you won’t have to worry about your rent increasing or having to move somewhere else, because of decisions by the landlord which are out of your control. It’s yours! Plant roots and nest!