Is owning a home the right choice for you? Sometimes, that’s a loaded question. Most people will daydream of their dream home, make Pinterest boards of how they imagine their perfect home will look like, or even cut out pictures from magazines and paste them on a dream board.
Regardless of your home being a chic, modern home in the city or a 1950’s American classic, owning a home comes with a lot of responsibility, but is incredibly rewarding. So what are the greatest benefits of owning a home?
Owning a home is a fantastic investment
It’s a known fact that home prices consistently change in cycles over a short-term period, but if you stay in a home long enough, it could potentially increase in value. With that being said, your home could possibly give you a hefty return on your investment.
There are tax benefits when you own your home
Taxes? What Taxes? Okay, okay – you’ll still have to pay taxes, however, when you own a home, it could easily reduce the amount you pay in income taxes every year. Your mortgage interest and property tax payments could potentially be deducted from your federal taxes as well as state taxes.
You’ll build a strong and consistent credit history
After you purchase your home and keep a continual constant monthly loan payment, it will easily demonstrate that you’re a good borrower. Ultimately, your credit history will remain positive and help you out in the future if you need other loans.
It’s your home! You’re free to create a masterpiece!
Now that you won’t have a landlord, you can do anything and everything to decorate your beautiful home. You can paint walls whatever color you want, tear up that old carpet and lay down some nice hardwood flooring, and most importantly, you can make that house that you just bought into YOUR HOME.
If you’re considering a new home purchase, you’ll likely have a bunch of questions – and Service First can help out! Check out our Rent vs Buy Calculator to see how your rental payments compare to a potential mortgage payment. And if you have any questions, our highly-trained Loan Officers are here to assist!