Buying your first house is a big step. With the help of a trusted realtor, you will be well-equipped to make an investment that pays off in the long run. There a number of reasons to buy a house over renting, according to the National Association of Realtors.
Financial reasons
One of the biggest reasons to buy a house is that as you pay off your mortgage, your equity increases. Rent on the other hand, is money you will not see again. Unlike rent payments, your mortgage payments are at a fixed-rate, so you won’t have to worry about it going up.
Buying a house also has tax benefits. You can deduct the interest on your mortgage, property taxes and some of the costs of buying a home. If you decide to sell your home, you can gain up to $250,000 ($500,000 for a married couple) without owing federal income tax.
Unlike a new car, your house’s value will appreciate over time. Home values have increased 7% in the past decade. Experts predict the number of households to increase by 10-15% in the next 10 years, creating an even higher demand for housing.
Quality of life
You have the freedom and flexibility to personalize your home in a way that fits your needs and style. Gone are the days where you have to worry if you can put holes in the walls to hang pictures or if you are allowed to repaint. You can take on bigger projects such as adding an addition, putting in hardwood floors, or remodeling your kitchen or bathroom.
Settling down and buying a house generally means you’re going to stay awhile. You can become more involved in your community and befriend your neighbors. If you have children, their social and educational development will benefit from this stability.
Many landlords do not allow pets, but buying your own home removes that barrier. If you have a pet, you may find a house with a fenced in yard that will improve their quality of life and yours!
Now that you know the reasons to buy a house, it’s time to start looking! For more information on buying your first house, check out this article on How to Prepare for House Hunting.