Top Ten Reasons to Purchase a Home

If you are balking at the prospect of buying a new home, take a look at these convincing ten reasons why you might want to reconsider. For anyone who can afford it, buying a home is a wise and sound decision. Here’s why buying a home and home mortgages are a good idea. If you have any questions visit our FAQs page.

1. Tax savings – the interest paid on mortgages is tax deductible, so buying a home can actually save you quite a bit in income tax. New buyers with recent mortgages typically enjoy the most savings.
2. Historically low interest rates – record-setting interest rate lows make mortgages even more affordable. With lower interest rates, you will reduce the total cost of your home and be able to pay off your mortgage sooner.
3. Housing prices rise over time – as mentioned before, home prices have tended to rise 3-6% per year for the last 20 years. This trend is long-term and will probably continue. With this kind of return on investment, buying a home is one of the best long-term financial decisions you can make. Think of a home as one of the safest, surest investments out there.
4. Home ownership provides stability & security – it’s no secret that a home gives you roots—a sense of permanency and establishment. You no longer have to worry about nuisance landlords, rent increases, renewing your lease, obnoxious tenants, or any of the other headaches that renters face.
5. Give yourself a voice in the community – when it comes to policymakers, homeowners carry infinitely more clout than renters. You will have a more prominent voice in development issues, traffic changes, school proposals, etc. Policymakers tend to view homeowners as more established than transient renters and thus take them more seriously.
6. Decorate or renovate to your heart’s content – one of the biggest limitations renters face is the inability to redecorate, repaint, or renovate their rentals as they wish. If you own your home, you can change wall colors, put in new carpet, or even add another bedroom if you want. You have much more flexibility. Best of all, you will be adding to the resale value of your home by investing in upgrades.
7. You be working toward ownership rather than padding your landlord’s pockets – renting can be frustrating because you pay a lot of money each month, but have absolutely nothing to show for it when your lease is up. Renting is much more expensive than the cost of rent—you also have to account for the opportunity cost of the equity you could’ve built in a home in that time.
8. Become a part of a community – as a homeowner, you can get to know your neighbors, send your kids to the same schools, have block parties, and enjoy all the other perks that come with living in a neighborhood. Renters tend to live more isolated.
9. Option of using your home equity – with home equity loans, you can capitalize on the equity you’ve built in your home and use it for cash for other projects, such as education costs, renovations, etc.
10. Have a backyard – you will have a nice little place of your own that you can landscape yourself, plant a garden, BBQ on, or even put in a swimming pool. Renters can’t do any of these things.