From obtaining a mortgage to keeping up with repairs and renovations, some millennials find ample excuses to rent instead of buy. However, the satisfaction that comes with owning your own space (and from not flushing away thousands of dollars a year on rent) is hard to beat.
Among the most appealing aspects of being a homeowner is the most obvious: you own your home. This gives you, instead of a landlord, control of your living space. Want to refinish your basement, add a swanky outdoor living space or knock down a wall? You’re free to do so.
Other benefits stem from potential tax savings and the buildup of equity as your property likely appreciates in price over time. Equity can be used to help put children through college, purchase a second home, or make home improvements.
The mortgage interest paid on a home loan is tax deductible, as is the local property tax. If you get a fixed-rate home mortgage loan, you can also invest more wisely knowing that your monthly mortgage payment, unlike rent, will not change substantially.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
|Christina Tompkins Wright
Berkshire Hathaway HomeServices Hometown, REALTORS