What’s It Like To Be A Home Owner and Why You Should Buy A Home
Being a homeowner is awesome. It really is. It feels good, offers stability and creates a nice asset. If you can afford to buy a home I would highly recommend that you buy one. I am going to discuss several reasons here as to why you should buy a home.
One of the first reasons is stability. By that I am referring to a stable monthly payment. As long as you got a fixed interest rate mortgage that payment will never go up. Actually it will but that is due to taxes and insurance increasing but those increases are usually pretty minimal.
Your friends that are renting will constantly see their rent increased. While you will see your payment stay pretty flat with the only rise in payment being your taxes and insurance. You will never have to worry about huge increases in rent. There is security in stability in knowing that. Which is why I recommend buying a piece of Medford Oregon Real Estate as soon as you can.
Owning a home creates an asset. As you pay your mortgage down you are creating equity in the home. Secondly as home prices increase you are creating equity with this as well. The equity in your home can be used in a variety of ways. You can refinance and pull out the equity in your home to pay off debts, invest, pay for college etc. When is time to sell your home you can use the equity you have created as a down payment on your next home. And in retirement you can get a reverse mortgage that actually pays you every month you live in the home.
There are tax benefits to buying a home. (consult with a tax advisor) One of the biggest benefits is that you get to right off the interest you pay on your home reducing your income and reducing taxes.Owning a home also allows you to itemize on your tax returns for even more deductions. For example if you don’t itemize you can’t write off donations. Another huge benefit is that you do not need to pay taxes on the equity you have gained in your primary residence when you sell it. Tax free profits..oh yeah!
You can increase the value of your home doing a variety of things. If you have an older home updating the house by remodeling can significantly increase the value of the home. Next if you do any additions you can add some more value by increasing the square footage and functionality of the home too. Of course these things require money and if you don’t have any you could tap into the equity of your home through a refinance or a home equity loan. There are even specific home improvement loans using your homes equity.
You never have to be worried about getting kicked out of your home as long as you make the payments. Ask anyone that rents how many times they have been given notice to vacate the property and probably every single one of them has gotten that notice. This will never happen when you own and why you should start looking for Homes For Sale In Medford Oregon right away.
Pride in ownership. You will take better care of your own property than you ever would a rental. You are more likely to make sure the landscape is taken care, the home is clean and that regular maintenance is taken care of as well. It’s yours and you will take good care of it.
So what is it like to own a home? Like I said it feels good. It gives you pride. It makes you proud. It is living the American dream of a cute little house with a white picket fence. What are you waiting for? Start the home buying process today.