7 Key Reasons to Own a Home
According to the U.S. Census Bureau, the American home ownership rate currently sits at about 65%. It’s not as high as it was back in 2004 when it peaked at about 69%. But it’s still a very high number all things considered.
If you want to do your part to bring it up even higher in the coming years, you should make it your mission to take out a new mortgage so that you can own a home yourself. Becoming a new home owner will be a huge source of pride for you, and it’ll come with a long list of benefits that will make it well worth the price you’ll have to pay for a home.
Want to find out about some of the top benefits of purchasing property so that you can become a homeowner? Today, we’re going to talk about a few of them.
Check out seven key reasons to apply for a new mortgage so that you can own a home below.
1. Sets You Up With a Stable Living Situation
In recent years, the homelessness rate all across the country has increased. There are more than 550,000 homeless people in the U.S. at this time, and that number seems to be growing each year.
Fortunately, you won’t have to worry about falling into this category if you’re able to secure a new mortgage and buy your own home. You’ll set yourself up with a very stable living situation for the foreseeable future.
Even if you do run into a rough patch at some time in your life, you should be able to find a way to keep your home. It’ll prevent you from ever having to be concerned about finding yourself in a spot where you might become homeless.
2. Allows You to Do Whatever You Want With Your Property
When you buy a home, it’ll come with a certain sense of freedom that you won’t get in other living arrangements. You’ll be able to do almost anything that you want with your home without having to ask anyone for permission.
If you want to replace all the floors in your home, paint all the walls different colors, and rip off the roof to make way for a new one, you’ll be able to do it, no questions asked. You’ll love the feeling that comes along with this.
3. Provides You With a Great Place to Raise a Family
Are you planning on starting a family sometime soon? Or do you already have a family that is crowded into a rental property at this time?
Either way, purchasing a home is going to give you a great place to raise a family. You and your family will be able to grow in your home together and make lots of amazing memories in it.
4. Adds to Your Net Worth
If you don’t own a home right now, your net worth is likely on the lower side. But you’ll see it skyrocket almost overnight once you take out a new mortgage and move into a home.
And it might not cost you as much money as you may think to buy a home to increase your net worth. You could very well qualify for a down payment assistance grant that could get you the keys to a new home without forcing you to spend a small fortune.
5. Gives You an Asset That Will Usually Appreciate Over Time
When you move into a home, it’s going to be worth a certain amount of money. And over time, it’s typically going to be worth more and more, even if you don’t make any dramatic changes to it.
This is because most homes will appreciate over the years and increase in value. You’ll be able to sell your home for way more than you paid for it in most instances at some point down the line.
6. Helps You Get Your Hands on Tax Breaks
Sitting down to do your taxes every April can be a very stressful experience. But once you own a home, you’ll actually find that it can be fun (and potentially lucrative!) since you’re going to earn lots of tax breaks in most cases.
The U.S. Tax Code is going to let you write off things like:
- The interest that you pay on your mortgage
- The property taxes that you pay for owning your home
- Some of the money that you spend making home improvements
You will, of course, want to work with an accountant to be sure that you’re writing off the right things when it comes to your taxes. But you’ll be pleasantly surprised by how many deductions that you can earn simply for owning your own house.
7. Makes Life a Little Bit More Predictable for You
Some people like to live very unpredictable lives. But everyone else usually likes the idea of putting down some roots and establishing themselves in one place.
You’ll be able to do this and make your life a little more predictable than it is now by taking out a new mortgage and buying your first home. It’ll change your entire outlook on the future and make you so glad that you chose to go through the process of purchasing property.
Start Working on Trying to Lock Up a New Mortgage Today
As you’ve seen here, it really makes all the sense in the world for you to buy a home. It’s going to be so beneficial to both you and your family as a whole.
All you’ll need to do to purchase your first property is find a way to lock up a new mortgage. You can do this by working to get preapproved for a home loan and then going from there. You should be able to get fully approved for a mortgage in just a month or two as long as you play your cards right.
Interested in getting more tips on buying your first home? Find out how to do it by searching through the other informative real estate articles found on our blog.