Owning a home is a big move that requires some expensive upfront costs, however, there are many long-term benefits that come with homeownership. Some of these benefits include being able to build equity, having a place to call home, tax deductions, etc. Continue reading for more insight into the benefits of homeownership and how a Waltham Realtor can assist you in your home search!
1. More Stable Housing Costs
As mentioned above, buying a home does come with a handful of upfront costs including closing and payment costs, ongoing maintenance costs, etc. But once those costs are taken care of, your monthly mortgage payments will stay relatively the same from month to month. Meanwhile, renters sometimes run into the problem of having rent increases each year. This either requires them to start paying more or begin looking for a new place to live, which are both pretty inconvenient. By becoming a Waltham homeowner, you can assure you won’t run into these same inconveniences!
2. Opportunity to Build Equity
Your home equity is the portion of your home that you actually own yourself. For example, if your home is valued at $350,000, and you owe $150,000 to the lender, you have $200,000 in equity. By paying your mortgage each month towards your home, you are adding to your equity and lessening the amount you owe on the home. Eventually, once your mortgage is paid you will 100% own the home and have all $350,000 in equity. Renters, on the other hand, won’t get back any money they spent on rent. If you’re looking for more information about building equity, your Waltham Real Estate Agent will be able to assist you!
3. Tax Benefits
Another reason Waltham Realtors suggest purchasing a home instead of renting is that you also will get tax benefits. As a Waltham homeowner, you may be able to qualify for a tax deduction which means more money back in your tax return! These tax deductions can come from home improvement costs, insurance payments, whether you’re a first-time homebuyer, claims on the home, etc.
Talk to your Waltham Real Estate Agent to see what other areas may qualify you for a tax deduction!
4. Enjoying a Permanent Residence
Everyone can probably agree that moving from house to house or apartment to apartment can be quite stressful, costly, and inconvenient. However, by making the jump and owning a Waltham home, you’ll provide yourself and your family with a permanent residence. Even if this home won’t be your forever home, you won’t have to worry about what you’ll do or where you’ll live once your lease is up.
5. Build a Strong Credit Score
Waltham Real Estate Agents say one of the best ways to build credit is to own a home. As long as you are consistently paying your mortgage on time each month, your credit score will continue to increase.
6. Free To Customize & Design
When you own a home, you’re free to customize and design the home to your liking. Many renters have rules they have to follow such as not being able to paint or make any changes to the appearance of the place. When you own your Waltham home, you can do anything you want to your home without needing anyone else’s approval. Want to add a pool, patio, new countertops, new flooring, etc.? The house is yours to customize and design
7. You’ll Have More Privacy
One of the greatest benefits of owning a home is the privacy it gives you. If you’re renting in an apartment, you are living so close to others that it can almost feel like you have no privacy or you find yourself constantly hearing their footsteps and voices. Owning your own home gives you the space and privacy to truly feel comfortable at all hours of the day.
Purchase A Home With A Waltham Realtor
Ready to reap all the benefits of owning a home? Work with a Waltham Real Estate Agent to find your dream home! We have the experience and knowledge to help you find the perfect home for you and your family. Give Waltham Real Estate Agent, Hans Brings, a call today to start your home search! 617-968-0022