There’s no question that buying a home can be a monumental task: you have to clean up your credit, apply for a mortgage, put together a down payment, and move all your worldly possessions in after you close.
With all of its difficulties, however, buying a home can be one of the most rewarding experiences you can have. If you need some inspiration to start house hunting, here are some of the top benefits of becoming a homeowner.
Predictable Monthly Housing Payments
While a landlord can raise your rent whenever the lease expires, and by how much he/she pleases, you can lock in a predictable mortgage payment as a homeowner for as long as 30 years. Instead of worrying about fluctuating rents, homeowners can easily budget, knowing that their payments will never rise.
Appreciation
Owning a house provides a level of financial stability by serving as a valuable asset that appreciates over time. Depending on how long you plan to live there, you can see the value of your home rise tremendously, making it one of the best investments you can make.
Tax Benefits
From property taxes to accounting costs, the many expenses of owning a home are tax-deductible. The largest deduction you’ll be able to make is generally the interest you pay on your mortgage, which allows you to keep more of your hard-earned money.
Freedom to Make Modifications
Homeowners don’t need permission to make modifications on their home, from replacing the cabinets to adding a deck. By owning your own property, instead of living in someone else’s, you’re able to live life under your own rules- which feels great.
While some rentals are constructed of inferior building materials, your house, townhouse or condo might be made of concrete or stucco, which provides a greater sound barrier. Additionally, when you own, you can make your own modifications, such as putting up a fence for added privacy.
Source: Realtor.com