If you’re at that point in your life when you feel ready to buy a new home, here are seven reasons why you should do it! Renting or living with roommates may not be the place you want to be at in life and it’s understandable if buying your own home is something you are aiming for. In fact, owning a home is an important milestone in adulthood, especially if it is your first one!
Buying a home is a fun journey, from looking at potential properties to finding the right neighborhood and community. Besides, moving to a new location can be a positive change in your life. Whichever your reasons for buying a new home may be, here are our seven reasons why you should definitely do it!
#1 A smart investment
Buying a real estate is probably the smartest investment decision at the moment. Home prices are constantly rising as time goes by and chances are your property will double its value a few years down the road. This means that purchasing a property right now will place your capital in a safe long-term investment that is very likely to turn into profit, meaning years from now you could be doubling your money. With the property values growing and prices increasing, the sooner you buy the home, the bigger your profits are going to be.
#2 Tax Benefits
New home owners enjoy the greatest tax benefits. The more recent your new home loan is, the better your benefits are going to be because a newer mortgage means a higher interest payment per month. You may be wondering how can this be a good thing but it is because higher monthly interest payments bring along greater tax breaks. This means you will be getting a lot more money on your tax rebate and have better financial benefits thanks to your new property. Besides, even these higher monthly interest rates can cost less than renting a home so it’s a win-win situation.
#3 Selling the property
The greatest thing about buying a new home is the fact that it is yours and you can sell it whenever you want to. The investment you make can grow your capital significantly, especially if you decide to sell at the right time. Even if you don’t have selling in mind right now and you just want to find a permanent home, knowing that you can sell the property if you ever need to is a big relief. Who knows what the future may bring, right! You can decide to sell your property in order to upgrade to a larger home or simply to move to a new area.
#4 It’s yours!
There are a lot more benefits to owning a home than just being able to sell it whenever you want and gain a good tax rebate on it. Once you purchase a property it is yours, meaning you can do whatever you want with it. Even though this freedom does come with certain responsibilities, there’s nothing better than being able to decorate your home the way you like without any restrictions. That means you can paint the walls whichever way you like or even build new walls and take the old ones down. All these are things you can’t do when renting because most landlord don’t even allow the smallest changes within the property.
#5 Having Pets
If you are a person who loves pets and you just can’t live without one, then this will be your favorite reason to buy a new home. Without landlords standing over your head all the time, you will be able to have as many pets as you want. There’s no one to tell you that you can’t bring pets to the property. In fact, you can make your own little animal shelter if you’d like, both indoors and outdoors!
#6 Building equity
Back to the world of finances, with a new home you will start building equity that can significantly benefit you over time. For example, if you were to rent a property or an apartment, the money you would be paying for rent will never be returned to you. However, if you own your own home, each month a portion of your money will go towards the property and you will be gradually building equity which you can take back if you decide to sell the property and invest it towards a new one. Whichever way you look at it, owning a home is much more beneficial than renting.
#7 Stability and satisfaction
Last but definitely not the least reason you should buy a new home is the stability that comes with it. An investment into a new property has its own psychological benefits. This indicates financial stability and overall satisfaction in life. Finding a permanent property for you and your family means having a place to call home. A place where you can do whatever you like and have your own peace of mind. Besides, buying a new home means settling in a new neighborhood and, if you find the right community, this will have a very positive effect on your life. Getting along with neighbors, finding the right school for kids or simply living in a safe environment are reasons why you should start looking for a new property!
While many people will emphasize the negative aspects of purchasing a new property, there really are no reasons why you shouldn’t aim for this important milestone in your life. Whether you’re looking for a permanent home for your family or just seeking for independence, a new property will bring along plenty of benefits you can enjoy, from freedom of choice to financial perks. Overall, you will be able to do whatever you want with your new property, sell it whenever you need to and have as many pets as you please! The tax benefits and potential increase in value and profit are just an addition that makes everything better!