If you’re in the market for a new home, you might be wondering if buying a house is worth it, especially when you could rent instead. While rental homes and apartments do have their perks, buying a home makes the most sense from a financial standpoint. As homeowners will tell you, purchasing a house is one of the best investments a person can make. After spending over 30 years in the industry, W.B. Homes knows firsthand just how beneficial buying and building your dream home can be. Here’s a list of our top reasons why you should buy a home.
Emotional Investment
Owning a home gives you a level of freedom that you can’t find elsewhere. You get to put down your roots as well as put your personal touch on major design features inside and outside, like flooring and layout, which can even result in a big return on investment. And if you decide to build, you’ll get even more control. Nothing’s more satisfying than seeing your dream vision brought to life. With rentals, on the other hand, you’re restricted by landlords and lease terms that have the power to dictate everything from the number of guests you have over to how the property is maintained.
Not to mention, renting puts your hard-earned income into someone else’s asset. Owning means your money goes directly into your long-term investment. Not only is that a financial benefit, but it’s also an emotional one that comes with great peace of mind.
Tax Benefits
Did you know that mortgage interest is deductible from your income tax? This lowers the amount of taxes you pay every year, just for living in your own space. There are sometimes other tax incentives based on where you live. Check with your lender to learn more.
Equity Advantages
Owning a home is a great way to start a savings account that you won’t be tempted to draw from. Because most homes are paid off by the time the owner reaches retirement age, the equity can be used to supplement 401K and IRA accounts. When you invest in a home, you are building a nest egg for the future. If your home starts accruing value early, you can also use the equity to make upgrades to the property as you see fit.
Stability You Can Count On
When you rent from a landlord, you cannot reasonably predict if your monthly payment will remain stable. This is especially true if you are in a month-to-month lease agreement. This means that your rent can shift wildly and catch your budget off guard. When you have a fixed interest rate mortgage, you know exactly what you will be paying for housing each month, for as long as you have the loan.
Credit Builds Faster
When you rent, you aren’t building any credit. Having a monthly mortgage payment that you make on-time, each month, makes lenders feel more comfortable lending you money for other purchases, like new cars. It also makes it easier for you to open credit card accounts. In general, having better credit gives you more financial freedom and can help you check off more goals on your to-do list.
We Can Build Your Dream Home
We understand investing in a home is one of the most important personal life decisions someone can make. For that reason, we believe you should love every part of your home. Our team at W.B. Homes wants to help you build a house you can be proud of for many years to come. Contact us today to learn more about the services we offer.