There are many reasons why you might be reluctant to buy a home. Some people believe they are not financially stable enough, due to student debt and other expenses, or they’re simply not ready to make the commitment.
Yet, buying a home can actually be a great investment for you! In 2020, the rate of homeownership in the United States was 65.8 percent.
Are you on the fence about buying a home? Here are a few ways you can benefit from joining the community of homeowners!
Mortgages Are a Savings Plan
When buying a home, getting approved for a mortgage is the first step. This can be a great savings plan for new homeowners!
Unlike paying your monthly rent, putting money towards your mortgage will eventually lead to officially owning your home. You also won’t have to worry about sudden spikes in rent costs when paying off a mortgage.
The introduction of mortgage payments calls for a new budget! Reshaping your spending habits can help you save and become more financially fit. Purchase a home with a mortgage and see how it can positively affect your credit score!
Homes Can Have Resale Value
By the time you pay off your mortgage and fully own your home, the real estate market will have changed. When it comes time to move, the price of your home could be worth double what you originally paid for it! With a greater resale value, you may move out with more money than when you moved in.
Renovations can significantly increase your home’s resale value. Through additions and small improvements, you can increase your home’s functionality and overall aesthetic.
Some projects may include kitchen or bathroom remodels, attic to bedroom conversions or finishing the basement. Don’t want to take on the project yourself? Our builders are experts in remodeling and expanding homes.
Ownership Can Reduce Tax Bills
When it’s tax season, owning a home can give you a much-needed reduction on your tax bill. Mortgage interest is deductible from your income tax each year and, even though you have to pay property taxes, the fees are also tax-deductible.
According to Investopedia, some first-time home buyers may also be qualified to receive credits for home improvements, such as using clean energy. If you are looking to purchase an energy smart home, consider a By Carrier community. Our homes are some of the most efficient in the area!
Ready to make a great investment? Browse our active communities today!