Our area has been buzzing lately with talk of the high cost of rent. Today, in response to that, we’ll answer the question, “Why should I stop renting and become a homeowner, instead?”
Customization. An upside to homeownership is that you’ll have the ability to customize your property to your heart’s content. If you wish, you can tear out the floors and replace them with hardwood, new vinyl, or laminate. Does your home have a wall that’s a barrier to certain sightlines? The freedom is yours to take that out, as well. You simply don’t have this same power if you’re a renter.
Energy efficiency. You also have control over the energy efficiency of the home; you might even be able to take advantage of some of the tax benefits associated with doing so. Equally as important, though, is that you’re improving your quality of life as a homeowner by reducing your carbon footprint.
No landlord! That’s definitely something worth considering. Who isn’t tired of their landlord instructing them to pull their trashcan up from the curb? Or being scolded for your barking dog? As a homeowner, gone are the days of bending to the will of a landlord.
Fixed rates. It seems like rent is increasing by the day in our area. With a mortgage, your interest rates remain changeless. The other possibility of change could come from your taxes, but those aren’t likely to go up dramatically.
Forced savings. Next, owning a home will force you to incrementally build up savings. Though that doesn’t sound like much of a benefit to owning a home, the fact that you’ll have to keep track of your savings can improve your financial wellbeing in the long run.
As a homeowner, gone are the days of bending to the will of a landlord.
Disposable income. With your own property, you might have RV parking, an oversized garage, or a spare bedroom that goes unused. By renting that space out, you can turn it into an opportunity for disposable income.
Tax deductions. You might not have realized it, but part of your interest and private mortgage insurance (PMI) may be eligible for tax write-offs.
Low interest rates. Overall, rates continue to be competitive. In recent years, they’ve gone up slightly, but the government has held off from raising them further. Now is still a good time to capture a favorable rate while they’re still at historical lows.
Build equity. With the passage of time, your home will require renovations, so, by making them, you’ll be able to build greater equity. Those who plan to be move-up buyers one day will be able to carry that equity they’ve made over to their future home purchase.
Stability. In order to further develop relational ties and nurture those relationships, it’s important to be consistent and live in one area for some length of time.
If you have any questions for us related to today’s message or real estate in general, you can meet us online at FrontDoorNW.com or you can give us a call at 360-989-3390. We look forward to hearing from you, and happy house-hunting!
Megan Womack came to Front Door Realty with over 10 years of customer service experience. She thrives on making sure our clients come first, is the ultimate people person, and makes friends everywhere....