For individuals and families considering buying their first home, it can be easy to feel overwhelmed and question whether you should keep renting.
After all, buying a home commits you to years of monthly home payments (and risk) in an uncertain global economy. Owning a home also provides a long list of benefits, including increased stability for children, privacy, and the ability to customize your home.
To help get you ready to take the first step toward homeownership, here are some powerful reasons to consider buying your first home rather than continue renting:
88% of current homeowners rate the experience as positive
It’s difficult to get 88% of people to agree on anything, but an overwhelming majority of homeowners agree that the experience is positive.
Home sale prices increased 5.2% from 1972 to 2014
Buying a home can be an excellent investment, as we’ve seen over a 3o year period.
The average homeowner is worth 36 times more than the average renter
Another sign of the wealth-building properties that can be gained from owning a home, the existing wealth gap between homeowners and renters is predicted to expand to 45 times.
Homeowners can transform their home into their dream home
Whether you want add a pool, remodel your kitchen, your make your home more environmentally friendly, you can do it all as a homeowner. Some of these upgrades can improve your home’s value, while others can improve your quality of life.
Homeowners can receive powerful tax benefits
One of the best parts of home ownership is the range of tax benefits. The most well known benefit is the ability to deduct both mortgage interest and property tax payments.
Owning a home can provide stability to your children
Planning on having children? Raising them in a home can help provide stability, a backyard to play in, and the opportunity long-lasting friendships with neighborhood children.
Are you ready to buy your first home?
From financial benefits to quality of life improvements, few things can provide as many benefits as owning a home. While it can be scary to commit yourself to years of monthly mortgage payments, the vast majority of homeowners agree that owning a home is worth it.
To begin your journey into homeownership, contact Open Mortgage today!