Buying a home is the American Dream. But after you get your finances in order, search for the perfect home, apply for a mortgage and move everything you own to the new house, it's a little overwhelming. If you need a little pick-me-up in your home search or just a reminder about why owning your own home is awesome, we've compiled a quick list of the major benefits of home ownership.
1. Appreciation. Sure, you have to ride out the dips in home values, but real estate has historically appreciated in value. Remember that this won't happen overnight. But if you're looking for an investment income or just like knowing that your home is worth more than what you paid for it, real estate is a fairly solid long-term investment.
2. Predictable House Payments- Your mortgage is a fixed amount so you'll be paying the same amount each month. If you're renting, your landlord can increase the rent at the end of your lease. Bonus for home owners- you're paying your own house payment, not your landlord's
3. Retirement Security. If you purchase a home in your 30s and live there till you retire. You likely won't have a mortgage to worry about after retirement and you will have a significant investment should you decide to sell.
4. Customization- Love wood floors? Hate laminate counters? If you own your own home, you can make the repairs and updates you want, when you want. Renters typically don't have this luxury.
5. It's Cheaper- Most homeowners spend less each month on housing costs than if they were renting. Sure, you have property taxes, insurance, and home maintenance costs, but it still comes out lower in most cases.
6. Tax Deductions- Mortgage interest and property taxes are at least partially a tax deduction.
If you are ready to make the commitment and purchase a home, we will be happy to help. Call 775-453-4568 for more information or fill out this contact form. We have been helping clients buy and sell real estate in the Reno area for more than 15 years and are honored to be able to do so.