If you are thinking about buying your first home, here’s a simple guide to consider.
Before going any further, let’s understand the major benefits of owning a home.
1. Build Equity
The difference between the value of a home and the amount that you owe on your mortgage is known as home equity. As the market value of the home increases with time, your equity also grows. More of your mortgage payment goes towards minimizing the balance on your loan and less of it goes towards the interest. Unless you make regular pre-payments or large down payment, building equity will take some time. Do keep that in mind.
There are also advantages with bi-weekly payment structure that can take years of a 30 year mortgage. I will go in to that a bit later.
2. Tax Advantages
Owning a home comes with several tax benefits as well. For example, it gives you the option to deduct property taxes paid up to $10,000 (at the time of this writing). In addition, mortgage interest, which can amount to thousands of dollars on an annual basis. We are not tax professionals and always consult a tax professional if you have questions.
3. Freedom To Personalize Your Home
Owning a home gives you the ultimate freedom to make changes to your home so that it is personal to you, which is not possible when you live in a rented property without it costing you your deposit and possibly more when you move out.
4. Best Investment Option
There are a range of investment options available in the market. Buying a home is considered to be one of the best investment options available once all high interest debt has been eliminated. Although it is a huge purchase and can require a substantial down-payment, over a life-time, returns on investment and the ability to save what would be going down the drain in a rental are big incentives to purchase. To find out if you qualify call us or any real estate professional who can guide you in the right direction.
5. Emotional Security
Last but certainly not the least, emotional security. Home ownership gives you a sense of comfort and security which cannot be expressed in words and is simply irreplaceable for your family. It is a feeling that you experience when you reach your own private space after going through a hectic stressful day.
In simple words, a home is not just an investment, but a world that lets you create memories and have a place that you can call “HOME” for you and your family.
If it is time to start searching for your new home please visit GAMER Real Estate Group's Website
