There are pros and cons to everything, and home ownership is no different. Will it be more time and effort to maintain? Yes, it will. Will it cost you money here and there? Yep. But will it also be a place that’s all yours and really, truly feels like home? Absolutely.
If you’re thinking of making the leap to home-owning, here are 5 major reasons to buy a home.
It’s a Financial Investment
All other reasons aside, buying a home is first and foremost a financial investment. Real estate has its ups and downs, but over the years it gradually but steadily appreciates. That means when you do decide to sell your home, you’ll likely be making money on that sale.
Even if the difference between the sale price and the purchase price doesn’t seem that great, it’s still better to pay a mortgage than monthly rent and have nothing to show for it!
There Are Tons of Tax Breaks, Too
When you pay rent, you don’t get any tax breaks. But when you pay a mortgage, there are a few nifty tax breaks you can take advantage of. For example, mortgage interest is fully deductible on your tax returns. Property tax is also fully deductible. And when you sell your home, a certain dollar amount of your profits ($250,000 for a single person, $500,000 for a married couple) may be excluded from your taxes.
There’s a Pride in Ownership
One of the biggest non-financial differences between renting and owning is, well, owning. When a home is yours, you get to make it really and truly your own, adding your own finishes, details, and decor. It’s worth the time and money to make improvements, to spend time outside landscaping, to paint and refinish, and to take pride in your home.
It’s More Stable—Financially and Otherwise
When you rent a home, you’ll often find that at the end of your lease, your monthly rates get raised. Your landlord might also decide to sell the property or even stop renting it all together—leaving you to deal with new management or having to find a new home unexpectedly.
When you own a home, however, your monthly payments will stay the same throughout the duration of your mortgage, making them very predictable. Plus, you don’t have to deal with the changing rules or whims of a landlord.
You Become Part of a Community
Another big part of owning a home is truly feeling like you belong to a neighborhood or community. Buying is definitely more of a long-term commitment than renting, and it gives you a feeling of putting down roots, of finding a place for yourself within the community. Owners tend to meet and get to know their neighbors, and participate in community events or organizations.
Thinking of Buying a Home in the Triangle?
Are you thinking of buying a home in the Triangle area or need more reasons to buy a home? Then it’s time to contact Carla Freund Realty. We’re here to help you explore the area, discover its beautiful communities, and find the perfect home for your needs.