7 reasons to buy a home
Many of the folks I have helped buy a home have told me these are the reasons they wanted their Own Home- Mostly the Freedom to do what they wanted in their own place.
They wanted to get a pet or 2 or three! A dog a cat even a Horse !
They wanted to be able to paint the walls any color they wanted to.
They wanted to make all the noise they wanted without getting a phone call from other tenants or the landlord.
They wanted to Get a pool or a trampoline !
They wanted to park in their own garage or driveway !
The bonus in owning your own home is there are many other financial reasons to Owning your own home.
Real estate is considered by many to be a sound investment that offers unique wealth-building opportunities. Buying a home expands options for the future, whether you plan to sell and make a profit or leverage the equity in your home to pay for other major expenses. ( Like college for the kids )
- Tax benefits. The U.S. Tax Code lets you deduct the interest you pay on your home mortgage, your real estate property taxes, and some of the costs involved in buying a home
- Appreciation. Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®. The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.
- Equity. Money paid for rent is money that you’ll never see again, Its like throwing it out the window ( and you are actually paying your landlords mortgage ! ) Your own mortgage payments let you build equity ownership interest in your home.
- Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
- Predictability. Your monthly payments do not go up on a fixed mortgage. Unlike rent, so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.
- Freedom. The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.
- Stability. Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.
Karen Ann Martin Realtor in Westport, Mass has been
Helping home buyers in MA & RI since 2003
774-930-8181 ( text friendly )
Safe Harbor Realty 1037 Main Rd. Suite C Westport, Mass 02790
For Home Buyer tools and tips visit Home Buyer tips and Tools from Karen Martin
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