There’s many reasons why owning your own home is one of the best decisions that you can make. Not only are you able to personalize the property to your liking, but you can also get some valuable equity that you can invest. Here are some of the benefits:
- You Can Personalize Your Own Space
You can paint the walls whichever color you decide, you can customize your living room with the latest high-tech features, when it’s your own home the options are endless! No longer does installing a wall mount tv mean calling the landlord and making promises to fill in the holes. This means whatever you decide is best for your home goes.
- You Make the Rules
When you’re renting, the landlord dictates what you’re allowed to do while living there, living in your own home means you have the freedom to have parties and adopt pets without any restrictions, and even have your own vegetable garden right in your backyard! As a homeowner, you are in total control! Imagine lazy Sunday mornings with your favorite pet.
- There Are Certain Tax Breaks That Might Be Available For You!
Owning your own home is an investment. The IRS allows homeowners to deduct mortgage interest, property taxes, and capital gains from their annual taxes. This means more money in your pocket! When you are renting this money is all going to the landlord vs owning helps you grow your wealth.
- You Can Put Down Roots
Owning a home also allows you to settle down and establish roots in a home and neighborhood that you might love. You can get more involved with the community and get to know your neighbors. Living in a neighborhood that you love can be very fulfilling and by establishing roots you’ll be able to settle down and invest more time into the things that matter most, like friends and family! This also is great if you have children so they can continue to go to the same school throughout the years.
- You Can Earn Money Back When You Sell Your Home
The longer you live in your home, the more equity you build. This means if the homes in your neighborhood are appreciating in value, you can earn a significant amount of money when you decide to sell your home, which can help move you into a bigger home! When paying monthly rents every month the entire amount is gone. When paying a mortgage each month a chunk of money is put towards the principle. This money plus the increase in value means that you will have money available when you go to sell the home to buy the next.
Want to Own a Home of Your Own? We Can Help!
Homeownership is a rewarding experience, especially if you have the right tools and resources at your fingertips. If you’re considering buying your first home, give us a call at Movementum Realty and we’ll be happy to guide you through this exciting process!