Home Base – Top Reasons to Own Your Own Home

Enjoy the freedom to decorate as you wish when you own your own home.

After listening to the advice of friends, families, coworkers or news outlets, many new homeowners have been encouraged to actually take the plunge and purchase a property. However, there are some who still wonder whether buying a home is the right thing to do.

It’s perfectly normal to have reservations for embarking on such a significant experience. However, the more you know about why buying a home now is a good idea, the less intimidating the process will be .

To help reinforce the positive input of your closest confidants, here are our top reasons to own your own home:

Renting Wastes Money – When you rent a property, the money you pay each month is wasted as far as you’re concerned. When you own a home, your mortgage payments pay off that home. In other words, you are actually working towards owning something rather than just paying for something that you are only using temporarily. When renting, you’re just paying someone else’s mortgage.

Equity – Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

A Buyer’s Market – We are experiencing the ideal buyer’s market, with home prices coming down significantly throughout the country. Also, many other buyers have exited the market, as the tax credits on purchases have expired. So, with prices hovering over rock bottom, you’re sure to get a great deal on the home of your dreams.

Choices – Inventory may not be as high as last year’s, but it is still well above typical levels. More properties keep coming onto the market, too, as the banks slowly unload their inventory of unsold properties. A large selection gives buyers more choices and drives down prices. And home sellers have gotten the picture.

Low Rates – With mortgage rates low, you can get a 30-year loan for around 4.3%. As recently as two years ago they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won’t see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can always refinance.

Freedom – The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home. You can have the kitchen and bathrooms you want. You can landscape to your desire. Want to add on? As long as zoning permits, go ahead.

Tax Savings – When you own a home, you can deduct the mortgage interest from your income taxes, you can deduct your real estate taxes, and you’ll get a tax break on capital gains–if any–when you sell. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.

Stability – Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

  • User Gravatar Eugene
    September 26th, 2013

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