9 Reasons to Buy a House

Reasons to Buy a House

Rent or Buy? Here's 9 Reasons Why You Should Buy!

 

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 list of the nine most beneficial reasons to buy instead of rent:

1. Tax Deduction Benefit – 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 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.

6. Higher Academic AchievementAccording to HouseLogic, home ownership tends to bring about higher academic achievement in our children.

7. Improved Health – According to HouseLogic, homeowners and their families tend to be healthier than those families who rent.

8. Low Rates – Rates are at historic lows! Rates are hovering below 4 percent for 30-year fixed rate mortgages. According to FreddieMac, mortgage rates ten years ago were more than double what we are experiencing today! For information on the history of mortgage rates, click here.

9. Home Affordability – Home prices have fallen dramatically and will eventually begin to rise. Finance the home of your dreams – before home prices begin their inevitable ascent!

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.

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. Click here to read more about Inlanta’s mortgage loan programs.

Are you unfamiliar with the mortgage loan process? Click here to read more about the mortgage loan process


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. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.