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Think you’re ready to take the plunge into homeownership? Switching from renting to buying is a big step, but has definite perks for you as the homebuyer, even if you can’t call a landlord every time something leaks or breaks. Let’s take a closer look at some of the benefits of homeownership.
Investing in a home can be a scary undertaking, but if the time is right, the benefits far outweigh any disadvantages. The following are just five of the pluses of home ownership.
Equity is another word for “shares.” In other words, it is a form of savings. When you subtract what you owe on your home from its total value, the leftover number is what belongs to you. So, if you buy a home valued at $200,000, and then the value increases while you live there, you can make a profit when you resell. Building equity is a great financial investment and the reason so many homeowners enjoy renovating their homes. You always want to increase the resale value of your home, not decrease it.
Mortgage rates vary depending on numerous factors. However, one benefit of a mortgage is that you pay the same amount of money every month. Apartment complexes and other landlords often increase rent every time a lease is renewed, but fixed-rate mortgages stay the same. Additionally, you can pay extra on your mortgage if you want to, ultimately paying off your home faster.
Did you know that you can deduct the interest you pay on your mortgage from your taxes? Additionally, property taxes are deductible. When you rent, you may pay less money on a monthly basis, but overall, you receive far more financial benefits when you purchase real estate.
Money aside, one of the greatest and most obvious benefits of owning a home is your ability to do anything you want to it. If you want to paint it hot pink and teal, go for it. Turn your basement into a home theater, build a treehouse in your living room, and remodel to your heart’s content. Nothing quite beats the feeling of having full authority over your own living space, without having to answer to a landlord.
If you plan to eventually resell your home, try not to do anything irreversible that will ultimately lower its value. You can always repaint, however, so go crazy. Ultimately, your home’s personality and style should reflect yours.
Above all, just enjoy all the natural joys and benefits that come with moving into your very own, brand new home. Homeownership is an adventure and a wonderful investment.
At Sheffield Homes, we have more than 40 years of experience to help guide you through the homebuilding process, every step of the way. Call us today at 303-420-0056 to begin planning your custom home in the Denver metro area or in northern Colorado.