8 benefits of buying your dream home
1. Step 1
The first step for getting your dream home is to register at my website realestatebyjane.net and get your free e-book giving you the steps to home buying. If you are currently living with parents, or renting and thinking about purchasing a home, this blog will give you the benefits of buying your dream home.
2. Stable monthly payments
Your landlord can raise your rent at the end of your lease each time you renew. If you get a fixed price mortgage, your monthly mortgage will stay the same. This makes it easy to budget from month to month. The only time your payments may increase is from a minimal increase in taxes or homeowners insurance.
3. Building Equity
Equity is the market value of your house minus any liens against your property like your mortgage. So if your house is worth $400,000.00 and you owe $300,000.00, then you have $100,000.00 which you can borrow against. You can borrow up to $100,000.00.
4. It is cheaper to buy than rent.
The upfront cost of purchasing a home can be more expensive than renting. However, if you have not lived in your own home for 2 years, then you can qualify for a first time home buyer program. A first time home buyer program often means a no down payment loan and help with closing costs. I have had clients leave with the settlement table with $3000.00 back. Landlords do not give rebates. When renting you only have to pay a security deposit and first month’s rent to move in. The amount depends upon the cost of the rental. However, a 2 bedroom condo can cost $1000.00 per month for rent plus utilities. The same condo that you purchase will cost you $900.00 mortgage plus utilities to purchase. You will save $100.00 per month.
5. Tax Advantages from Home Owner
As a home owner you can deduct your monthly interest from your tax returns. You can also deduct mortgage insurance payments and home expenses.
6. Making Changes to your property
When you purchase a home, it is yours to do change the way you want to. You can paint the rooms any color you choose. You can put up walls and take down walls. You can make any changes that you want. When do you make changes the property feels like yours. It is yours, you can claim it. In a rental property, you have to get permission to make changes and then change it back when you move out.
7. Making you credit worthy
Each and every month that the mortgage is paid on time, shows that you are responsible. this improves your credit score. It improves your chances for obtaining other types of credit.
Homeownership is a very lucrative investment. The returns on homeownership are greater than the returns on a car. A car begins depreciating as soon as you drive it off the lot. A home will continue to appreciate in value for years.
This blog is written by Real Estate By Jane: If you looking to purchase a home call Real Estate By Jane at 703-606-7963. We can help you find an affordable rental where you will be happy. We are able to help people who have credit issues find their dream homes. We are home buying/credit specialists who know how to successfully help people who have been pushed out of the housing market by job layoffs, divorce, medical illness, etc. become home owners again. We also work with first time home buyers and single parents to create wealth by investing in real estate. To inquire about our services, please call 703-606-7963.