Top 10 Reasons to Buy a Home
Not sure whether to buy or keep renting? Here are 10 great reasons to let Matt Ridgeway & RE/MAX Real Estate Group help you take the next step:
1. Build equity. Over time, homes have always gained in value, so you can expect to get your investment back and typically much more when you sell (over the last 50 years, homes in the United States have experienced an average annual appreciation rate of 6.9% - meaning, on average, that the home you purchase today is LIKELY TO DOUBLE IN VALUE over the next 10 years). And when you sell your home, most likely you won't have to pay taxes on the profit!
2. Tax deductions. Homeowners can claim a slew of write-offs to lower their tax bills. There are deductions for mortgage interest, mortgage points and real-estate tax payments. Tax savings vary based upon your income and the amount you borrow, but typical tax savings can run from a few hundred dollars to well into the thousands! So, buy a home, then make sure you get all the tax breaks you have coming.
3. Lower payments. It depends on your rent, of course, but with the low housing prices and low interest rates currently available, your monthly payments may actually be less than your rent -- before allowing for the tax deductions that we mentioned!.
4. Stability. While most landlords raise rents every year, you can choose a fixed-rate mortgage for your new home, and your monthly payments will stay the same, year after year.
5. Suiting Yourself. When the house is yours, you can fix it up and decorate it any way you want, and have your favorite pet at your side, too!
6. Receive credit. The money you put down and pay into a mortgage to build equity can be made available to you in the form of a loan or a line of credit.
7. Make it stop. When the term of your mortgage ends, you'll own your home outright. Paying rent never stops.
8. You're in control. You can choose when to move, instead of being pushed out at the end of the lease.
9. Community. Most homeowners feel a sense of belonging to their neighborhood and town that they just don't feel as a renter.
10. Personal reasons. You'll have more privacy, and, very likely, more living area. There's also something very satisfying about owning your own home.
Still not sure, or have some additional questions? Give us a call!