You’ve reached that point in your life where you’re tired of renting. You know you need a place to live, though, so you’re thinking about finally settling down and getting your own place. While buying a home can seem scary, it’s important to remember there are advantages to it. Especially if you’re getting a new home that is everything you’ve dreamed of!
#1: Predictable Payments
Buying a home is all about laying a foundation, and making something in your life reliable. No matter how turbulent things get, your home is your castle. It’s your refuge. And when you buy a home, you can lock in your payment rate. A landlord might change your rent with the wind, but when you have a mortgage, you know that you’re on bedrock regarding what you owe, and what you need to pay every month.
#2: Building Equity
Another advantage of buying a home is that you aren’t just paying to live somewhere… you’re building equity. A home is a thing you own, and as such it can increase in value. When you move out of an apartment, you pack up your stuff and go. When you sell a home, it’s possible for you to make more on the sale than you spent to purchase it in the first place. It also acts as an investment, and can be beneficial for your credit score, and for acquiring future loans should you need them.
#3: Tax Deductions
When you’re a first-time home buyer, you have access to a lot of things to help you get ahead. For example, first-time home buyers often receive special tax credits because of their first-time status. On top of that there are deductions for interest on loans that renters simply don’t have access to. All of these options are meant to help you start off on the right foot, and get that much closer to full ownership of your home.