7 Reasons You Should Say Yes to Homeownership

If you’re thinking about buying a home, there are many reasons why you should take the plunge. Homeowners enjoy numerous benefits that positively impact their financial picture and their personal lives. Here are 7 reasons you should say “yes” to pursuing your homeownership dreams.

  1. Build Equity

As you make monthly payments and as real estate prices rise, you build up equity. This is the difference between the current market value of your home and your mortgage balance. You can either access it as a home equity line of credit or by refinancing to use as you need to — or wait and receive it when you sell your home.

  1. Save on Taxes

Owning a home may allow you to deduct the interest you pay from your income taxes, which reduces your overall tax liability. You may also be able to deduct certain property taxes and other expenditures, further enhancing your tax savings.

  1. Increase Financial Stability

Owning a home can offer a safety net in times of financial hardship. The equity you’ve built up can serve as a financial cushion to help you cover unexpected expenses such as steep medical bills, car accidents, or long periods of unemployment. This stability is not typically available to renters.

  1. Decorate to Your Taste

When you own a property, you’re the one who makes the calls on its upkeep. There’s distinct freedom in owning your own space. If you want to have a grill, renovate the bathrooms, add a fence or patio, or paint your living room a bold color, you won’t have a landlord telling you that isn’t allowed.

  1. Put Down Roots

The transient nature of renting may make it difficult to feel like you’re ingrained in a community’s framework. Homeownership offers a sense of permanence and community that can be comforting. Settling into a community, getting to know your neighbors, and feeling like you belong is easier when you own your home.

  1. Grow Wealth

Instead of paying monthly rent to a landlord, your mortgage payments contribute to your net worth. Over time, as you pay down your mortgage and property values appreciate, you’ll accumulate wealth through homeownership. This wealth-building aspect sets homeownership apart from renting, which doesn’t provide the same financial growth.

  1. Enjoy a Good Return on Your Investment

Homes almost always appreciate over time. In addition, you get the benefit of living in them — something stock and other investments don’t provide. Owning a home is a great investment in your future.

Homeownership provides many wonderful and appealing benefits. By buying a home, you can take advantage of everything from tax savings and building wealth to creative freedom and a stronger sense of community.

Reach out to MIG today to find out about your mortgage loan options. From traditional FHA, and VA loans to THDA down payment assistance, we undoubtedly have an option that will help your homebuying plans.