Considerations for First-time Home Buyers
Without question, owning a home comes with risks and responsibilities that you don’t have to worry about when you rent, such as a mortgage, property taxes, homeowner’s insurance, maintenance and repairs, to name a few. Even so, financial advisors and homeowners themselves say there are far more advantages to owning. Here’s why:
- Data indicates that over time, you will lose money by renting instead of owning your own home. When you own, you build up equity instead of paying off your landlord’s mortgage.
- Even though there are periodic market drops, over the long haul, owning a home is a good financial investment.
- As an owner, you can take advantage of many ongoing tax benefits, like deducting a portion of the interest on your mortgage and property taxes from your taxable income.
- Owning a home isn’t just a good investment for financial reasons, it also provides a higher quality of life – particularly if you have a family or are planning one.
- There is a special pride in being an owner and maintaining a home that you won’t experience with renting.
- At the end of the day, it just feels good to own your own home. You can decorate it any way you like, renovate, build additions, design your own landscaping. It’s all a reflection of you.
To buy or not to buy a house is not an easy choice. That’s why it’s smart to partner with a real estate professional who can help you with options. Contact us to work with one of our seasoned and helpful agents!