Without a doubt, buying a home is one of the biggest
financial decisions a person can make. While homeownership is a cornerstone of
the “American Dream,” a lot of people, especially first-time buyers, may not
fully understand some of the benefits of owning a home.
Buying a home creates an opportunity to create a strong
financial future for your family and a sense of stability. Here are some of the
advantages of homeownership that make it so appealing for many people.
There are lots of financial benefits
Most of the benefits you’ll read about the deal with the financial side of homeownership. Buying a home is a significant up-front investment that can pay off in the long run. Here are a few of the financial benefits:
Build equity: the first financial benefit that comes to mind is equity. Equity is the value of an asset, in this case, your home, minus the amount owed. Your home’s equity increases each time you pay your mortgage.
Build wealth: as your home’s value increases, so does
your equity, giving you the ability to sell your home for a profit. This extra
money can fund the purchase of your next house.
And tax benefits!
Homeowners can take advantage of several tax benefits (check
with a tax professional to verify eligibility). Most notably, the mortgage
interest deduction allows homeowners to deduct the interest paid on their
mortgage, thus reducing their taxable income. They may also be able to claim
property tax deductions.
Predictable monthly expenses
Since you won’t be changing the terms of your mortgage every
year, you can rest assured knowing your base housing costs will remain the
same. You won’t have to worry about annual rent increases that could
potentially price you out of a particular location. This stability will let you
make better financial decisions toward your personal financial goals.
Living in a single-family home means you don’t have to worry about shared walls or floors, allowing you greater peace and privacy. No more having to yell at the neighbors to turn down their music or tiptoe around.
People tend to stay in place longer when they buy a home.
You won’t have to worry about finding a new place to live each year or worry
about a constantly rotating group of neighbors.
You’re free to create your dream home
One of the biggest draws of homeownership is the freedom to
create the home you’ve always wanted. You don’t have to worry about getting
permission from a landlord before painting or making changes to your home, you
can change the flooring or other fixtures in your home, get a pet – all the
things that make a house your home.
Homeownership continues to be an important milestone. If owning a home is part of your dream, we’re here to help. Southern Homes has been dedicated to our customers for close to 30 years, and we remain committed to providing beautiful, affordable homes. We want to help you build or find your dream home.