There is much responsibility that comes with being a homeowner. But in most cases the benefits of owning a home can ease that burden, whether you want to use it as your legacy to future generations or as an asset to add to your financial portfolio.
If you’re still on the fence on whether buying is for you or not, check out this list of advantages when buying a home:
- It’s a great investment
Owning a home means having an asset that appreciates in value over time. For the past 30 years, real estate has been performing well compared with other types of assets. Moreover, you can increase your property’s value by doing remodels or renovations.
As a homeowner, you can build substantial equity, better credit, and a stronger financial foundation for the future. Once it’s time for you to upsize or downsize your living space, you can sell your home or turn it into a rental property. Selling your home could mean substantial profit while renting it out gives you regular rental income.
- You’ll have more freedom, privacy, and security
Buying a house means having the freedom to truly make it your own. You can do all the home improvement projects you want without ever needing a landlord’s approval.
Additionally, owning a home will give you a better sense of security and privacy. When you rent, you’re not sure who else has access to your home. Your landlord or a building employee could enter your home at any time without your knowledge.
When you’re a homeowner, you have complete control over your privacy, especially with a home security system. Nothing beats the peace of mind you get from knowing your home is safe.
- It provides better financial stability
The changing prices of rent can really do a number on you financially. Monthly mortgage costs are more predictable and stable compared to rent, which often increases over time.
Being a homeowner also gives you better control of your day-to-day spending – something you can barely achieve as a renter. You’re free to install energy-efficient appliances that can help you save money on your utility bills. You can make better financial decisions that meet your short and long-term goals.
- You can enjoy certain tax benefits
Homeowners can enjoy a number of deductions, the most notable of which are those that impact property taxes and mortgage interest rates. These deductions help make buying a home even more affordable. If you meet certain IRS requirements when selling your home, your profits from the sale could even be exempted from capital gains tax.
- It could be cheaper than renting
It may come as a surprise to learn that buying a home can be cheaper than renting one. As stated earlier, the changing cost of rent and homeowner tax deductions make buying a very good deal. The current low interest rates are also conducive for buying a house.
To add to these, Georgia has a number of home buying programs that can assist in the down payment, financing, and closing costs, like the Georgia Dream program. There are also city and county grants you could look into.
- Closer ties within the community
One of the greatest benefits of buying a home is being a part of a community. The strong sense of community you get when you buy into a neighborhood is not something you can get by renting.
Want to learn more about the advantages of buying a home and discover your real estate options in Atlanta, GA? Call us at 404-859-2018, or send us an email at info(at)adobeagency(dotted)net.