Because buying a home is one of the largest monetary transactions many people will ever experience it can be a little scary to think about making the leap. If you are struggling with the idea of purchasing a home, here are six benefits of home ownership you might not have considered.
The feeling of owning your own home is unmatched. You can fix it up, make it your own, get a dog, or plant a tree if you want. It can be a place of comfort, safety, and even a means of building wealth. Now that brings a smile to your face, doesn’t it?
Currently, the government rewards homeowners by providing tax benefits. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income. Take that Uncle Sam!
Home values have a well-documented history of going up over time. Indeed, home values in Austin have increased 5.5% in the past year alone. This increase in home value becomes equity you can benefit from when you refinance or sell. Sure, there will likely be some ups and downs in the real estate market over time, but in the long run most homeowners sell for a lot more than what they paid. That’s why we love real estate as a tool for building wealth.
Renting is often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principal balance on your loan. This builds your equity and acts as a savings account.
People who own rather than rent stay in their homes 4 times longer. This provides an opportunity to get to know your neighbors and connect with your local community. And if you decide you want to teach English in China or be an au pair in London, you can easily rent out your home (which equates to having someone else pay your mortgage and allows you to earn passive rental income).
Research shows children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.
Ready to make the move?
There is nothing hard about buying a home, but it is a BIG THING with a lot of pieces. We will take you from contract to closing on your new Central Austin home and explain every step along the way. We share our advice and our contacts so that you have access to the very best mortgage brokers, inspectors, movers, and more. Call or text us for a no obligation consult today.
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