Buying a home is the largest investment people make. While renting has its benefits, if you’re planning on staying put in a location for a few years, buying may be the better option. If you have been weighing your options on whether to buy now or keep renting, here are a few benefits to owning your home.
You can build equity
Equity is a word that’s often thrown around when talking about homeownership but what exactly is it? In short, equity is the difference between what you sell your home for and the remaining balance of the mortgage. As you make your monthly mortgage payments, you increase the equity in your home, thus investing in yourself instead of someone else.
Tax savings
Homeowners can deduct mortgage interest and property taxes when they file their income tax each year. These deductions can save homeowners hundreds a month in taxes, which can potentially make owning a home more affordable than renting. Homeowners can also deduct eligible expenses, like certain energy-efficient upgrades. Check with a tax professional for more information.
Predictable monthly payments
When you opt for a fixed-rate mortgage, your monthly payments will remain the same for the life of the loan. You won’t have to worry about your rent being increased each month and potentially being outpriced of your apartment. Another bonus? You can eventually become mortgage-free and lowering your monthly living expenses by a lot.
Stability of residence
Owning your home means you don’t have to worry about an unhappy landlord trying to evict you or having your home be sold out from under you.
You can make it your own
The biggest appeal of owning your home is being able to do anything you want. You can put up wallpaper or go bold with your paint choice. Want to change the flooring? Or update fixtures or lights? Plant a garden in the yard? When you own your home, you’re free to customize your home to truly fit your needs without needing to get permission from the landlord or need to undo your changes at the end of your lease.
Sense of connection
You’re buying more than just a house; you’re buying into a neighborhood. Many homeowners report feeling more connected to their communities after purchasing a home. You know you’re committed to an area for the foreseeable future and it allows you to relax and become comfortable. This creates a real sense of stability that renting can’t offer.
Buying or renting a home is a personal decision. It’s important to make the decision that is right for your situation and lifestyle. Made the decision that homeownership is the best option for you? Visit us online at LexingtonChicago.com to learn more about our outstanding communities throughout Chicagoland. We’re ready to welcome you to your dream home.
