There are many reasons to purchase your own home instead of continuing to rent a place to live. If you have any friends or relatives who are homeowners they have probably shared with you all the reasons it is better to own than to rent. Or maybe you have owned a home previously and have experienced the value of being a homeowner.
Among the personal reasons to own a home are being able to personalize it the way you want. When you are in a rental you might be told you can only put a certain amount of decoration on the wall or at least you’ll have to be prepared to fill all of those nail holes and patch up any blemishes left behind. If you are on an apartment you can forget enjoying your yard, planting a garden or having a swing set, trampoline or pool for your kids to enjoy! You can also forget cleaning house with some really loud music for motivation or having a large get together late into the night! These might seem like a big deal to some people and to others they might seem menial, they are reasons to consider nonetheless.
There are also many financial reasons to consider purchasing your own home. Owning a home is one of the largest investments you can consider. The Office of Federal Housing Enterprise Oversight tracks the values of single gamily homes across the country and most people consider their home and investment as a hedge against inflation.
Our tax rates favor homeowners; there is an annual deduction for tax shelter on your mortgage. Interest is the largest component of your mortgage payment. There is also a deduction for property taxes on the purchase of your first home, as well as on a vacation home.
Equity is a great reason to own a home. Each month a part of your payment goes toward paying off the principal of your home loan. This means that your obligation is reduced and the more of your house you own. You can then in turn borrow against this equity and use that money to start a business, go back to college, or to make home improvements.
So let’s face it, you are going to live somewhere. Why not invest in your own future and your own property instead of making that monthly rent payment so that your landlord can build their equity, get those tax deductions and control how many pictures you hang on their walls?
Now the question that often comes up is; is it cheaper to rent? When you are a homeowner you do have to be responsible for the roof and the leaky dishwasher or the broken furnace. There is no landlord to call. It is up to you to find a repairman or head to the store and take care of things yourself. Ultimately it is up to you to determine the trade off. Are you handy? Can you learn to do basic repairs?
What the housing market looks like in your area and your financial security play a large role in determining this decision as well. It is a good idea to get some help and advice from professionals in your area to get the most current information. New FED Mortgage 1-877-New Fed-1
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NMLS #1881 MA License No. MC1881, CT license # ML-1881, NH License No. 9474-MB - Licensed by the New Hampshire Banking Department, RI License No. 20041817LL, FL License No. MLD652, Maine Lender License #SLM8185, Licensed by the N.J. Department of Banking and Insurance. NewFED™ Mortgage is an Equal Housing Lender. Member of the MA Mortgage Bankers Association and Better Business Bureau of Eastern MA.