Benefits & Advantages Of Home Ownership
If your New Year’s resolutions included buying a new home for you and your family, you may be wondering what the benefits and advantages are of home ownership. In the Omaha area, we’re loving the statistics right now for our local market. But why is home ownership a good choice?
When you buy your own home, you build equity over time.
If you’ve been renting for years, you’ve built equity for someone else. Once you buy your own home, each dollar that pays toward the principal of your mortgage is a dollar more that you “own” in your home! In addition to the equity that you’re building with each payment, you also get to see the benefit of your home appreciating (increasing in value), which adds to your overall wealth.
When you buy your own home, you are eligible for tax benefits.
While tax benefits may not be available to all homeowners, these tax benefits are not available to renters at all!
When you buy your own home, you have the ability to turn that property into rental income down the road.
Whether you’re thinking of buying a home specifically for the purpose of using it as rental property, using only a portion as a rental property, using it as a “sometimes” rental property (think Airbnb or VRBO), or using it for yourself for a while and then renting it out, you can turn your home into a source of income.
When you buy your own home, you build a strong credit history.
As you consistently make your house payments on time, you build a strong credit history and demonstrates to other lenders that you are a good borrower. This will help you in the future with other major purchases!
When you buy your own home, you stabilize your monthly payment.
As you finalize your home ownership, you’ll know what your monthly mortgage payments will be for the next 10, 15, 20, or 30 years. When you rent, you never know if, after the lease expires, your rent will go up or where you’ll be moving to next.
When you buy your own home, you get the freedom to create the home you want.
As a renter, you are very limited as to what sort of DIY projects or decorating ideas you can actually do. But, when you own your own property, you are only limited by your own skills and your budget! (Okay, and some local zoning regulations, of course!)
When you buy your own home, you have more privacy.
Granted, we all know those “nosey neighbors” who are up in everyone else’s business. But on the whole, homeowners have more privacy than renters and aren’t subject to inspections or walk-throughs by landlords.
When you buy your own home, you get to be a part of your community.
Statistically speaking, homeowners tend to stay put longer than renters in any home they occupy. That gives those families a chance to put down roots, attend the same schools, go to the same parks, etc., and truly become a part of that neighborhood and community.
But the biggest advantage? When you buy your own home, it’s YOURS!
Looking for more tips for homebuyers? Check out some of our other blog posts:
- 4 New Year’s Resolutions To Help You Buy A Home In 2018
- Top 10 Ways To Tank The Closing On Your New Home
- A First Time Home Buyer And A New Job : A Guideline
- Do You Know What To Look For In An Initial Walk-Through?
- Things Buyers Do That Drive Realtors Bananas
- Checking For Property Damage Before Buying A Home
If you and your family are getting ready to start house-hunting for your new home, contact the Fairfield Team and we can help you!