Renting a home is a good option for some, but what are three great reasons to buy a home in 2016? When you rent a home, you send money to someone else every month in exchange for knowing that you can call on your landlord when the roof leaks, an appliance stops working or your bathroom faucet breaks. There are some big advantages to buying a house that will help you get out of your renting rut and focus more on your future.
Great Reasons to Buy a Home #1 – Build Equity
Did you know that when you rent a home, you help someone else build equity? Any changes that you make with your landlord’s approval puts money back in his or her pocket. Keeping the yard clean and taking care of routine maintenance builds equity in that property. When you buy a home of your own, you have the chance to build equity of your own, which you can use to obtain a loan later.
Great Reasons to Buy a Home #2 – Save On Your Taxes
When you rent a house, you cannot deduct the money you spend on your taxes. Though some states will let you make a small deduction based on the total amount you spend in rent each month, you cannot make any deductions on your federal taxes. When you buy a home, you can save with a few different types of deductions.
The federal government lets you make a deduction if your home is worth more than what you currently owe on your taxes. If you purchased your first home, you can make a deduction in regards to your property taxes. You can also deduct money that you spend on some renovations and energy saving appliances.
Great Reasons to Buy a Home #3 – Put Your Personal Touch On Things
As long as you continue renting, you live in a home that belongs to someone else. Your landlord has final say over what you do and do not do. This often means that you cannot make repairs or significant changes without seeking approval first.
Renting a home lets you put your personal touch on things. You can paint the walls any colors you want, rip out the carpet to add hardwood flooring or even make significant changes outside to turn your new home into your dream home.
Other sources of information on great reasons to buy a home and get out of the renting rut are:
- How to Decide Whether to Rent or Buy by Dee
- Rent or Buy a Home? What Millennials Should Know by Landon Dowdy
- The Best Cities for Millennials Right Now by Kathryn Dill
- 20 Things To Do Before Buying A Home by Bill Gassett
- Money Saving Tips For New Homeowners by Debbie Drummond
- Real Estate Contracts When Buying or Selling a Home by Paul Sian
- Top Real Estate Blogs On FHA Loans compiled by David R. Millar, with contributions by Kyle Hiscock, Inlanta Mortgage, Chris Highland, Ryan Fitzgerald, Paul Sian, Erika Lewis, and Bill Gassett
- Building Wealth Through Real Estate by Greg Hancock
Now that you know more about the benefits of buying a home and how that purchase can get you out of the rental rut you’re in currently, turn to a real estate professional for assistance.
Shannon Holmes is a leading Realtor and marketing specialist in the Birmingham, Alabama real estate market. The Shannon Holmes Team at RealtySouth can assist you whether you need to sell your home or buy a home. Her team’s areas of expertise include Mountain Brook, Vestavia Hills, Homewood, Hoover, Chelsea, and the communities of the Highway 280 Corridor. Those communities include Greystone, Highland Lakes, Brook Highland, Inverness, and Meadowbrook. Call Shannon at 205-706-3975.