Owning a home is a big step, and we know it requires a lot of work and upfront costs, but it also comes with plenty of advantages. Becoming a homeowner not only gives you a place to call home, it also allows you to reap the perks that come with it. Check out some of the benefits of owning a home now.
Build home equity
You build up home equity when you buy rather than rent. To clarify, equity is the market value of your home minus what you owe.
In other words, home equity represents the amount of a property’s worth that the homeowner owns free and clear of any mortgage or debt. Equity becomes a valuable asset that homeowners can even use to finance home improvement projects, for example.
Control over home expenses
By paying a fixed mortgage rate, your monthly payment stays the same throughout the loan term. You pay the same monthly fee for the entire home loan duration, which makes it easier to budget.
Tax benefits
Thanks to the U.S. Tax Code, you can deduct the interest you pay on your mortgage, your property taxes and some of the costs involved in buying a home from your taxable income.
Appreciation
Real estate has long-term, stable growth in value. For example, according to the National Association of REALTORS, median single-family existing home sale prices have increased by an average of 5.2 percent each year from 1972 through 2014.
Currently, values are up 7.0 percent. What’s more, the number of households in the U.S. is expected to rise 10 to 15 percent throughout the next 10 years, which will keep the demand for housing high.
Freedom to customize
When you rent your home, you may not always get to decorate or make the home changes you would like to. But one of the many benefits of owning a home is that you have the freedom to decorate how you would like and make any home upgrades you desire.
Stability
Are you trying to decide if you should buy a home in a neighborhood? Just think of the community it will bring you! Living in a neighborhood allows you and your family to build long-lasting relationships and benefit from its educational and social advantages.
Summary
Now that you have a tangible list of the benefits of owning a home, are you ready to make your next real estate move? Then contact Ashley Hedden, your local real estate expert serving Auburn, Opelika, Smiths Station, Salem and Phenix City.
For more real estate tips, continue reading our blogs.
