National Homeownership Month celebrates that the value of owning a home can bring families, communities, and neighbors together throughout the country. There are countless benefits to why buying a house is important in this day and age, a few of them are highlighted below.
- Financial stability: Purchasing a home requires a substantial about of money invested to start with. However, in the long run, buying a home provides a sense of security, compared to the ever-increasing rental rates and uncertainty of where that market will go. When you are a homeowner, you have a set monthly payment that will not change, despite market conditions and inflation changes.
- Appreciating value: Historically, the average annual home price has increased is 4.3%. Of course, this varies from year to year, and state to state. But if you are purchasing your home for the long run, you can expect to receive a return on your investment.
- Tax advantages: When owning a home, there are considerable tax breaks and deductions. Always make sure to consult your accountant or financial advisors to discuss what benefits you can qualify for!
- Helps build credit and equity: A great way to build your credit is by having a mortgage and paying it on time each month. As you make these payments, your loan balance decreases, which in turn will increase your equity.
- Sense of fulfillment and community: Studies have shown owning a home leads to an increase in self-esteem, happiness, and a sense of accomplishment. When you live in a home, especially long-term, your connection to the community grows roots. You are more active within your local community.
Are you thinking about becoming a homeowner? Give me a call today!