We all know the obvious benefits of buying a house. You own your own property and you can do whatever you want with it! But have you ever thought of the hidden benefits of homeownership? Check out these awesome benefits that go along with owning a home that renters may not realize:
1. Buying is a good investment
When you’re at the point in your life where you’ve saved enough for a down payment on a home, go for it. The U.S. Census Bureau indicates that housing prices have increased steadily over the years, meaning a higher payout for you when you sell in the future. More recently, CoreLogic’s home price index notes a nationwide year-over-change of +6%. Not too shabby!
2. Owning a home becomes easier over time
Buying a home for the first time may be overwhelming and daunting. It often involves financial and emotional strain, and you have to come up with a down payment to cope with unexpected homeownership costs. So it’s safe to say you’ll feel a bit pinched for a few years. But it gets easier! As you advance in your career, salaries increase to make things more affordable. Also, mortgage payments won’t increase with a fixed mortgage. A big plus? Paying your mortgage over time is helping build equity every month — an asset you can sell or borrow against in the future.
3. Tax breaks when you need them
Mortgage interest and some closing costs are most of the time categorized as tax-deductible. You utilize most of the break during the early years of homeownership, while you’re paying off the bulk of your mortgage interest. Even better, when you sell your property down the line, you can take up to $250,000 in profit ($500,000 for couples filing jointly), tax-free!
4. Suit your own tastes
No more worrying about a landlord or sending in your rent check on time! You want pets? How do you want to paint the walls and decorate the living room? It’s all up to you when you own your own home.
5. Improve your credit score
Buying a house and paying off your mortgage on time every month drastically can help increase your credit score. When you’re consistent with your payments, you show you’re responsible and credit bureaus often put more weight to mortgage payment history than to revolving accounts such as credit cards.
6. You’re happier
So now that you have the freedom to do whatever you want in your home, it’s time to kick back, relax, and enjoy the benefits. According to the National Association of Realtors, studies show that homeowners have better mental and physical health and are more engaged with the community.
So what are you waiting for? Let the house hunting begin! The Degnan Group at Key Realty is passionate about finding your family its forever home. We’re constantly updating listings to provide you the most accurate and up-to-date homes available. For the most professional and knowledgeable realtors in the area, contact The Degnan Group at Key Realty at (419)345-7808.