1. You hate your landlord.
Landlords can take forever with maintenance requests. There's nothing worse than having a broken washer for weeks or have the air conditioning go out on you in the middle of the summer. When you own your own home, you're in charge of maintenance. You won't have a security deposit or a move out fee for damages. It might be time to take charge of your life.
3. Homeownership allows for the opportunity for additional income.
If you are currently renting a 3 bedroom apartment, imagine if you owned the home and your roommates were your tenants! Your roommates would be paying some, if not all of your mortgage and you would be living rent free!
4. Unlike rent, a mortgage payment won't increase.
As long as you have a fixed rate mortgage, you know exactly what your mortgage payments will be. Rent has the potential to be increased each year. Your home value appreciates in value, but your mortgage payment will stay the same!
5. Homeowners can take tax deductions.
Often, homeowners can take tax deductions such as mortgage interest and energy efficient improvements. Also, you can avoid certain federal taxes on the earnings of the sale of your home later down the road.
8. First Time Homebuyer Incentives
Check with your local mortgage company because often there are state housing programs that help first time homebuyers with their down payment. This means the upfront costs for purchasing a home would be significantly less. A down payment can be as little as 3.5% or 5% or 10%. Check out some of the other costs that are involved in buying a home.
Are you ready for homeownership?