What’s the big deal about being a homeowner? While buying a home is a significant financial undertaking, homeownership has lots of benefits. So, what are they? Here’s our list of the advantages of buying a home.
One of the biggest benefits of homeownership over renting is building equity. Every time you pay your mortgage payment, you build equity and own that much more of your home. At the same time, as the value of your home increases, you earn more equity. This is different from paying a monthly rent payment because you are actually paying toward an asset instead of simply giving monthly payments to a landlord.
Your monthly mortgage payments and equity will be there for you in the future – unlike rent payments. There are ways you can tap into the equity you’ve built should you ever want or need to access that money. That means by paying a mortgage loan, you’re saving for the future.
Unlike rent payments that have the potential to increase if a landlord decides to do so, mortgage payments remain the same. You can remain confident and feel secure knowing that your monthly payment will be consistent throughout the life of the loan, as long as you take advantage of a fixed rate mortgage and you don’t make changes to your mortgage.
Owning a home allows you to choose what you want to do with it. Unlike renting, you can decide if you want to paint, knock down walls, renovate, or make any other customizations to a home. This is important for making a house your own, and it allows you to make sure the home is best suited for your needs.
There are several benefits when it comes to tax time if you own a home. For example, interest paid on a home mortgage is tax deductible. There also may be property tax deductions to benefit from. Many homeowners can also benefit from an exemption (if they meet eligibility requirements) that allows them to profit from selling their homes. Please consult a qualified tax professional to find out what tax advantages apply in your specific situation.
All these benefits to homeownership explain why buying a home is an important goal to so many families. If you’re looking to become a homeowner and take advantage of these great rewards, be sure to contact us now. One of our experienced Loan Originators will be there to answer your questions and guide you through a seamless mortgage process.
Homestead Funding offers exceptional customer service and a convenient mortgage process. Whatever your financing needs, our goal is to exceed your expectations.