4 Huge Benefits That Come With Buying a Home

Buying a home brings with it four distinct benefits that you should know about.

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What are some of the benefits of buying a home? Let me share a quick story from my own personal experience to give you an idea.

Years ago when I bought my first property, I ended up having to put some sweat equity into it. A few years later, we sold that house and made some money because the market had improved at that point. We’d put some money down and we rolled that over several times to get to the point where I’m at today. That’s why whenever I’m asked about the benefits of buying a home, it’s easy for me to list the following four advantages:

When you rent, all you’re doing is buying a house for somebody else.

1. Appreciation: Most markets around the country are experiencing appreciation. If you buy a property, that property will typically increase in value five, 10, or 15 years down the road. For example, if you buy a home for $100,000 and there’s a 5% appreciation rate, it will be worth $120,000 five years from now. It’s exciting to know your money is growing without you having to do anything outside of maintaining the home’s condition and making your monthly mortgage payments just like if you were renting. 
2. Tax write-offs: You actually get to write off the interest on your mortgage. Meet with your CPA if you’re currently renting to see how much how much money this would put back into your pocket. This is the government’s way of encouraging you to own a home, which they believe is a smart investment. 
3. Freedom for modifications: When you own a home, you can paint, change things out, or do whatever else you want to the interior. 
4. Owning a home is cheaper: I own rental property, and the tenants of that property are actually paying me more than what my own payment on that property is. When you rent, all you’re doing is buying that house for somebody else. 

There are many benefits of buying a home, but those are some of the main ones. If you have any questions about this topic or are looking to buy or sell anytime soon, don’t hesitate to get in contact with me. I’m here to help.