9 Reasons Why Buying a Home is Beneficial
Preparing to buy a home can take some discipline. Especially for those who may need to take a little longer to save up for a down payment, you may have to make some sacrifices like postpone a vacation, new car or the like. In the end, it is totally worth it on many levels. Here is a closer look at all of the benefits of owning your own home.
Become established locally
Buying a home allows you to invest and grow in a community. Better yet, when you own a home you can become actively involved in the local community whether it be with your HOA, neighborhood association or even the town’s committees. These groups can allow you the opportunity to help shape the future of the area.
Regulate monthly living expenses
When you own a home you can say goodbye to any threat of rising rents or landlords looking to not renew your lease because they are looking to move back in or sell. Although as a homeowner your taxes and insurance may fluctuate, your mortgage can be a fixed amount for the duration of you having it.
Mortgages force you to save
Paying a mortgage is like investing in your future. Every time you pay your mortgage you are earning more equity in your home and essentially paying into a savings bank. Additionally, there have been surveys over the years that often point out that the net worth of a homeowner is far greater than that of the average renter.
Better retirement potential
Purchasing a home and paying off your mortgage by your retirement years is only going to lessen your expenses while you are on a fixed income. Even if you cannot pay off your mortgage to remain in that home, you can always sell it and downsize with your equity as an option to get to mortgage free living.
Homeowner tax breaks
There are numerous tax breaks that you can take advantage of when you are a homeowner. Mortgage interest deductions and home sale tax exclusions are just a couple to name.
Personalize your home
Go ahead and paint every room whatever color you desire, reface your cabinets and install your favorite style of fixtures. Owning your own home can make for a more comfortable and accommodating home as you customize it to your liking and lifestyle needs.
No more 24-hour entry notices from your landlord. You can also increase physical privacy with plantings, fences or anything else that is within your desires.
If you want to make some money on your home, consider doing things like renting a room with a roommate or even putting a room or suite on Airbnb for short term rent. Check with any HOA or local laws for your specific area first.
Finally, it goes without saying but owning your house comes with a sense of pride. You have achieved the American dream and can rest assured that the home is yours.