If you’re tired of your rent continuing to increase, it may be time to look into homeownership. As the great American dream of owning a home is still a goal for many, the time to act upon it may be now. As rent continues to increase, mortgage interest rates are still at historic lows —meaning your rent may be higher than a mortgage payment. If you’re not sure if you should buy or rent, here are 10 reasons why owning a home is better than renting:
1. Energy Efficiency. When you own your home, you have the ability to make necessary upgrades to appliances to reduce your monthly utility bills. Homeowners can add insulation to reduce heating costs or add solar panels for natural light.
2. Customize Your Space. When you own your home, you can customize your space any way you choose. You don’t need to get permission to change the color of the walls. You can also add onto to your home with a new deck or even a pool.
3. Buy Less. “Often when you’re renting you need custom furniture that fits the space,” says Jane Hodges, author of Rent vs. Own. “If you move around a lot, you can end up buying a lot of furniture.” When you buy a home, you are settling, and your purchases will stick around for awhile.
4. “Forced” Savings. Because you own your home, you are paying your mortgage every month, which means you are putting money into your home. According to the Survey of Consumer Finances, the average American family has a net worth of $81,200 with 61.4% ($49,856) in their home equity.
5. Second Income Stream. “If you own your home, you can rent out an extra bedroom, driveway or grass/garden space to monetize your home,” Hodges says.
6. No Eviction Notice. When you rent, if you don’t sign your lease again, you might have to give up your place.
7. No landlord. When you own your home, you never have to speak to a landlord again. You don’t have to wait for your landlord to send over a repairman — you can schedule it yourself!
8. Rates won’t go up. When you lock in on a fixed mortgage, your monthly payment will never increase.
9. Tax Deductions. There are many tax deductions when you own a home. To determine what is tax deductible, contact your tax specialist.
10. Interest Rates. Interest rates are at historic lows, making homeownership affordable again. To see if you can afford a home, contact a Loan Officer at Wisconsin Mortgage Corporation.
When you’re ready to own your own home, contact a Shorewest sales associate today! #ShorewestRealtors
Tags: buying a home, current housing market, Home Buying, homes for sale, Housing Market, living in milwaukee, Milwaukee, milwaukee lifestyle, real estate market, shorewest, Shorewest Realtors, Wisconsin, wisconsin real estate
Categories: Home Buying