Owning a home is an adventure. Not only is the process of shopping for a house fun and exciting, but there’s nothing better than sitting in a home that you own and relaxing on the couch with your family or pet. Here are the top advantages of owning a home.
1. Tax Benefits
As a homeowner, you can deduct mortgage interest and property taxes from your income taxes. New homeowners can get even more benefits because some of the money that you pay on your mortgage will go directly to interest.
2. No Direct Neighbors
While most of the time, when you purchase a home, you will still have neighbors, you won’t be sharing a wall with them as you do in an apartment. That means that you can turn up your music or watch your favorite superhero movie without worrying about bothering anyone around you (except for maybe your family).
3. Builds Credit
During the home buying journey, you learned that your credit score has a big impact on your life. Even if you worked with non QM lenders, your loan application acceptance depended in part on your credit score and ability to repay. The good news is that your home can also help build credit. Payment history is one of the most important factors that determine your credit score. If you continue to make your mortgage payments each month on time, your credit score will continue to go up.
4. A Place to Grow Old
Owning a home gives you a place that’s truly yours where you can raise a family and grow old. With your home, you’ll have years worth of memories, from your kids’ birthday parties to your spouse burning dinner in the new oven.
5 A Happier Pet
If you have family pets, then buying and owning a home will likely make your pet a little bit happier. Not only do the homes that you own typically have more space, but you can also buy a home with a yard for your dog. If you’ve ever lived in an apartment with your dog, you know that they need to go out at least three times a day, and each potty break turns into a walk. When you own your home, you can let your dog out in your yard, which means less dog walking for you and more fun in the sun for your pet.
Cats can also benefit from you owning a home since you’ll likely have more space. This allows them the freedom they need to spend time on their own.
6 Personal Design
When you own your own home, you can do whatever you want to it, which means that you can paint it, put holes in the walls, and even knock down walls, all things that you can’t do when you rent a home. With homeownership, you have complete control over how you design your home, which means that you can put up your very own wallpaper and decorations.
7. Cheaper Than Renting
While buying a home requires a significant downpayment, once you buy the home, you will spend less money over time on mortgage payments than you would on rent. Of course, buying a home is a long-term investment, so it’ll take years for you to see the difference, but if you plan on staying in your home for years to come, then it can be a great choice for helping you save money in the long run.
For example, let’s say that your rent is $1,000 per month and you find a home where the mortgage payment would be $850 per month. As you can see, you’ll save an extra $150 each month after you recoup the initial down payment on the home.
There are several benefits of owning a home, and hopefully, this list has inspired you to take the plunge and become a homeowner.
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