The top five reasons why you should own a home and stop renting
1. Stop throwing your money away!
When you pay rent each month it’s almost like you’re taking your money and lighting it on fire. Your hard-earned money isn’t going towards anything, it’s just going in your landlord’s pocket. On the other hand, when you buy a house you’re making an investment in your future. With every mortgage payment you make, you have an opportunity to build valuable equity which you can use towards the purchase of your next home or to help fund home improvements, your children’s college tuition, or to support your retirement.
2. Apartment rents continue to rise
According to a recent CoreLogic survey, apartment rent increases continue to outpace home prices in most markets. Some renters seem scared to buy a house because they think it’s going to be expensive, when in reality your mortgage payments could be less than what you’re paying for rent - and you get more space!
3. You can do anything you want
Want to paint the walls bright green? Go for it. Want to knock down some walls and create a huge living space for entertaining? Guess what, now you can! How about a cool outdoor patio space? It’s all you. Simply put, homeownership means freedom. You own this property and you can make whatever changes you like to fit your particular lifestyle.
4. Say goodbye to your landlord and your noisy neighbors
When you buy a house, you’ll wave “buh-bye” to expensive security deposits and paying extra money each month just to have a pet. You’ll bid “farewell” to your landlord who won’t fix that leaky window or let you make some simple improvements to your kitchen. Best of all, you can say “goodbye” to thin walls and your noisy neighbors upstairs. Ahhhh, peace and quiet. Heaven!
5. You could reap potential tax benefits
For decades, the IRS has allowed homeowners to deduct the cost of mortgage interest and other associated expenses related to homeownership and mortgages. It’s true that the new Trump tax law made some changes in the deductibility of these expenses, but the hallowed mortgage interest deduction still exists for those who itemize. You’ll definitely want to consult a tax professional to see how the new tax laws apply to your situation, but for those who decide to buy a home as opposed to renting, there are still potential tax benefits.
Interested in buying a home? Find out more about home loans and getting preapproved, contact Nutter Home Loans at 1-800-875-7334. For over 65 years, we’ve helped thousands of renters make the jump to homeownership. We’re the experts in helping first-time homebuyers!
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