Thinking about buying a house? Not sure if it’s the right time for you? Buying a house is a huge decision and one that should not be taken lightly.
Many things should factor into your decision to buy a home, but if you are close to buying and just need a push in the right direction, we have compiled a few of most beneficial reasons to buy instead of rent:
1. Tax Deduction Benefit – Tax time is getting closer every day! Did you know there are deductions you can claim when it comes to your home mortgage? Any interest paid on your mortgage can reduce your taxable income. At the end of every year, the company that owns your mortgage will send you a statement with how much interest you have paid on your loan for the year (Form 1098 – here is a sample of what it looks like). Bring your 1098 forms to your tax preparation professional and take advantage of the mortgage interest deduction afforded to home owners.
2. Aesthetics – Owning a home gives you the opportunity to make any changes without worrying about what your landlord would say. You can paint rooms a bright new color, change old carpeting to hardwood floors or even makeover your bathroom into spa heaven! Not only do you get to enjoy new surroundings and new things but the value of your home should increase. Building equity in your house is one the largest sources of household wealth for Americans.
3. Security – When you rent, you could be forced to leave in a year if the rent goes up or if you get noisy neighbors above or below you. With you own your own home, your rent won’t go up (it actually could go down if you refinance) and you won’t be sharing any apartment walls or ceilings with anyone noisy!
4. Better Neighborhoods – When the people you live by own their own properties, they are willing to invest more in the community, which makes it nicer and safer for families.
5. Better Economy – If more people buy homes, more money will be inserted in market. This helps create more jobs and more economic stability. Strengthening the housing industry will create many positive effects on the overall economy.
Obviously, the benefits of home ownership will vary from person to person – but this list discusses some of the major advantages of owning a home versus renting.
Unfamiliar with the mortgage loan process? Click here to read more about the mortgage loan process.
There are variety of loan programs designed to help you realize your dream of homeownership. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Learn more about our loan programs here.
Inlanta Mortgage is licensed in 14 states and has over 28 branch locations. Click here to find a licensed mortgage loan professional near you.