Homeownership has its ups and downs, but there are some hidden perks to owning your own home. Here are the benefits of homeownership that you might not have even thought about.
It May be a Really Good Investment
We’ve all heard the phrase “rent money is dead money,” and the truth hurts. Economists have shown that buying a home is a pretty good investment time and time again.
It’s also no secret that buying a home can generally help you build equity. Many people understand this concept, but they’ve forgotten that there is also a lot of value in owning a home.
In fact, if you live in a home that increases in value by more than 5% per year, then consider yourself a pretty lucky homeowner. That’s way above the average annual increase in home value.
It Gets Easier Over Time
It’s easy to get lost in the day-to day upkeep of your home and easy to get angry at property taxes, maintenance costs, and all of the other things that come with homeownership.
But when you look at the big picture, owning your own home can be a pretty easy and relaxing way to live.
As you pay off your mortgage and maintain fewer repairs, you’ll find owning your home to be a lot less stressful as time goes on.
You Get Tax Breaks
There are a lot of tax breaks to owning your own home. You might even be able to deduct a portion of your mortgage interest from your taxes. It all depends on your income and what you do for work.
But you also get tax breaks on your home maintenance, repair, and improvement projects. That can be a real saver for those who don’t have the cash to pay someone to do their work. Before doing so, always make sure to consult with your tax advisors first.
It is Exactly the Way You Want It
There’s nothing like moving into a home that is complete exactly the way you want it. But it’s also pretty great to choose every detail of your new home.
And you can design it to make it a perfect space for the “lifestyle” you have always wanted.
You are at the mercy of whatever space your landlord decides to rent you when you rent.
It May Improve Your Credit Score
Your mortgage, and the ability to pay it off with your monthly payments, is a big deal when it comes to improving your credit score.
This credit score is a big deal when you want to buy other big-ticket items like cars or even rent an apartment.
When you own your home, you can build or rebuild your credit, by making timely payments, which is a pretty cool thing.
It Forces You to Save Money
We’re not saying that you have to become a penny pincher when buying your own home. However, you do have to be responsible for your finances.
Some homeownership costs are fixed, and won’t change. But you will likely have to make some repairs and maintenance on your own over time.
All of these costs may teach you to make smart decisions with your finances.
Ready to Buy a Home?
While the day to day costs of owning your own home might be a little challenging, there are a lot of other benefits that go with it that aren’t always discussed.
Not only may owning your own home be a good investment, but you also have your own space that is exactly the way you want it to be.
Now that you’re up to speed with all of the benefits of homeownership, go out and find your new home today.
Buying a home soon? Hartford Funding LTD is a direct lender in New York. We provide a simple home loan experience. Start your application today.