Most people can agree that buying your own home is the ultimate American dream. However, not everyone is willing to put in the hard work that it requires. It involves cleaning up your credit score, saving up enough for a down payment, getting approved for a loan, and finding a home that suits your needs and budget. Some people would prefer to continue renting, without having to bother with all that paperwork.
However, there are significant advantages to putting in the work involved with buying a home for yourself. Buying a home isn’t just a huge personal achievement; it’s an incredibly smart investment. Here are just a few of the perks you can expect from buying your own home.
Fixed Housing Payments
When you rent, your landlord can increase the rent when you renew your lease. If you live in a growing city that’s getting more and more desirable to live in, it’s not uncommon to find yourself suddenly with a housing payment well beyond your means.
Rather than live with the stress of fluctuating rent, why not lock in a fixed-rate mortgage? Not only will the money you spend each month be going directly into the equity of your home rather than your landlords, but you never have to worry about a dramatic change in your payment.
Owning your own home comes with certain tax benefits that work in your favor. Certain homeowner expenses are completely tax-deductible. The result? Even more money going into your own pockets rather than a landlord.
When you rent someone else’s property, there’s only so much you can do with it. You have to ask your landlord for any kind of structural changes you want to make. Beyond having to ask for permission, it’s not in your best interest to put money into renovating a rental since whatever money you put into upgrades will end up staying behind on the property when you leave.
However, when you choose to make upgrades on your own property, there is nothing off-limits. You can knock down walls, paint the rooms any color you want, and make any modification you please because you’re the landlord!
Don’t make the mistake of believing that just because buying your home requires a large downpayment that it’s more expensive than renting. Actually, it’s quite the opposite. Owning a home ends up being much cheaper when you add everything up throughout the years.
Buying your own home isn’t just the more affordable choice, but it’s also the best way to take control over your life, and be the one to call the shots about whatever changes you want to make to your home!