Are you nervous about buying a home, or wondering if it’s the best option for you? Home ownership poses many advantages to make you feel comfortable about the house buying process.
- Pride in owning: You are able to pick a neighborhood and have control over where you live. You’ll have a sense of pride and satisfaction when you purchase your first home. In a recent National Association of Realtors survey, 6,000 homeowners and 2,000 renters, 95 percent of owners and 72 percent of renters considered pride of ownership an important reason for buying a home.
- Dislike paying rent: Almost 7 in 10 homeowners admit paying rent was an important factor in their decision to buy. Renting offers you no equity, no tax benefits, and no protection against regular rent increases. Writing a rent check is watching your hard-earned money slip away. Purchasing a home is a big decision, but it allows you to save money, especially if you plan to be in the home for at least a few years. Rent is increasing year to year, but your mortgage payments are steady.
- Good investment: 76 percent of owners and 69 percent of renters said the investment aspect of ownership was important.
- Tax advantages: Property taxes and qualified home interest are eligible itemized Schedule A deductions. First time home buys are deductible for income tax purposes.
- Long-term appreciation: Home ownership is a long term investment. Buying a home is planting roots. It is a permanent place of residence, until/unless you decide to move again. Also, home prices have risen at a relatively steady rate.
- Leverage investment: People borrow a great deal to buy a home, yet they receive the full benefits of price appreciation. In the long run, investments in homes outpace inflation.
- Source of savings: Home ownership is the single largest source of savings for American households. Homeowners build equity and can borrow against it.
- Sacrifices are worth it: Almost 7 in 10 renters in the National Association of Realtors survey said they planned to buy a home in the future. More than three quarters of these people said they were willing to make some sacrifices in order to purchase a home.
Home ownership is a big step, but these eight reasons show you that buying a house is an investment and worth your money.
**We are a local Commercial and Residential Real Estate Brokerage and team. Our mission is to give Western Kentucky buyers and sellers an exceptional real estate experience! The advantage of working with our team is having a group of professionals who are skilled and specialized to serve your needs versus an individual agent trying to be a master of all trades. Innovation, creativity, and a consultative style drive our process that will help you effectively and efficiently, whether it’s residential or commercial real estate. For more information contact us directly at 270-908-0020 or www.WeSellPaducah.com.**