If you’ve been renting an apartment or house for years now, have some money saved up, and a good credit score, it’s probably time to buy a house. Actually purchasing your home offers you many advantages that renting does not. More than likely, if you are considering buying a home, it’s time you take the plunge into home ownership.
We all want to leave something to our children. A home is a perfect way to pass down something both meaningful and financially helpful to your children.
Let’s face it, in an apartment or someone else’s rental property, you are limited to personalizing your space with just paint colors, are restricted on animals, and have no say over what to replace a broken appliance with. In your home, you can tear down walls, add a pool, have as many pets as you want, and do pretty much anything you want to it. It is your home to do with as you please.
Whether you buy a house to flip as a short term investment, or buy it with the intent to stay there for years to come, all the money you put into the house will one day be there for you. You can use your home’s equity to help you in hard times, which is a major advantage over the wasted money of renting.
Extra Financial Protection
If circumstances change for you, such as losing your job or medical expenses that make mortgage payments difficult, you have options. In fact, you have far more options as a homeowner than as a renter. If you fall behind on your mortgage, it takes quite a while for eviction, and the bank will work with you to help you keep your home.
Tax Write Off
When you file your federal income taxes, you can write off the amount paid in interest for the home. The way to take advantage of this is to itemize your deductions, but you will likely find that the extra work is well worth the time in the savings it will get you.
A Lot of Choice
Many markets in America have more homes for sale than they have apartments or housing to rent. People are constantly selling, so you will have a pretty good selection, depending on the market you are looking in.
Real estate is considered to be risk investment, but overall, it is a safe bet you will benefit over the long term. When you purchase a home, you are taking a risk that, when you go to sell it, you gained quite a bit of equity and can cash out on it to your advantage. This type of investment is not nearly as risky as investing thousands into the stock market.
Though not perfect, studies have been found that investing in buying a home can help by a couple of percentages on inflation. It is not guaranteed, but it could help with long term avoiding the issue of inflation.
You Can Negotiate A Good Deal
If you are lucky enough to live in area where there are more sellers than buyers, negotiations automatically tip in the favor of the buyer. Even if you aren’t in a buyer’s market, chances are you can still negotiate for a price you are willing to pay, or for some added perks like furniture or appliances.