Buying a house is obviously a huge investment, but it turns out that it’s one that usually turns a profit. Take a look at the video and the tips below to see exactly why buying a house might be a smart next step for you.
Real estate has a long history of providing a stable, appreciating investment as long as you take care of your home. As we all now, inflation happens over time, so what that means is if you pay 180,000 for your first house and live in it for long enough so that the value naturally goes up to 200,000, you’ve made 20,000 on that investment, a number potentially reduced by the loan you take out. That being said, if you make improvements, you can increase the value by even more.
Owning your own home gives you a lot more freedom because you can do whatever you want with it without worrying if it will increase your rent. After all, even with the nicest landlord in the world, they’re likely to occasionally increase costs or not allow you to do something that you want simply because they’re trying to make money off of the property. Owning your own house gives you the freedom to make your own decisions.
If you’re thinking about having kids or you already have kids, owning a home can provide a sense of stability for them because you’re constantly in control of whether you want to leave or stay. When you rent, sometimes the person who owns your apartment will experience a change in circumstance, and the place you’re renting won’t be available anymore. When you own your own house, you’re the one making your own decisions and deciding how long you’re able to stay in a particular place.
Equity is a word that gets talked about a lot in real estate, and it’s just a fancy way of saying that unlike a rent payment, which you’ll never see a penny of again, as long as you pay your mortgage each month, you’ll eventually end up with full ownership of a property that you can later sell to get your money(and potentially an increase in your money) back.
5. Tax deductions
The interest and property tax portion of your mortgage payment is a tax deduction. Now that tax season is drawing nearer, that’s definitely something that should sound appealing. Taxes can take a huge chunk of your income, so anything that can help ease that is definitely a benefit.
These tips have been brought to you by Maria Sims Group, a company dedicated to making sure that you’re in the best home for you. If you have any questions about our company or would like to ask about a personalized list of homes that would fit your needs, please reach out. Our homepage can be found at mariasimsgroup.com or you can call us at 404-805-0673.