Back To Homebuying Advice
The Benefits of Buying A Home
by Elayne Valencia
Owning a home can be a significant first step in attaining financial independence. As a homeowner you eliminate rent payments, build equity and feel the personal satisfaction of calling a home your own. If you have never owned a home of your own, you may want to consider the possibility of becoming a homeowner for many beneficial reasons.
Meeting Your Housing Needs
Perhaps you need more space now or you want space to grow into in the future. Or you may be thinking of your family and want a special place to raise your children and develop memories in a good neighborhood with good schools.
Independence and Pride
In a home of your own you can live the way you want. You can decorate and personalize your home to fit your family's personality and needs. A home provides privacy and the space you need to grow.
Putting Down Roots
When you own a home, you are part of a community where you develop new friendships that can last a lifetime. Your children grow up in a specific neighborhood with their friends and create lasting bonds with their schoolmates. You take part in community activities and organizations that add to the quality of your neighborhood.
Tax Benefits for Homeowners
With rent payments, you get no significant tax benefit or equity build-up, and no investment in your family's security or future. However, all the interest you pay each year on your mortgage loan is fully deductible from your income. The limitations are only that the mortgage must be for a first or second home, and the amount must meet established guidelines.
A Good Investment
Buying a home is a good investment because most homes increase in value over time. Your home is worth more and more to you as you pay off your mortgage. Owning a home is one way to beat inflation because a home can increase in value faster than the cost of living.
If you are thinking about becoming a homeowner, don't wait any longer. Take the first step by visiting a new home community in a neighborhood where you've always wanted to live. Homebuilders are available to help home shoppers determine their home buying power. You can find out what you can afford in terms of price range as well as monthly payments and check the status of your credit by requesting a copy of your credit report.
Your new home is waiting for you--go find it!