Written by Laura Quick, REVA- Exclusive 25th Hour
As real estate agents, we handle two kinds of clients: those that have owned a home and those that would like to purchase their first home. First time home buyers are a lot of fun but sometimes, midway through the trials of searching for a home, they get cold feet. It is the biggest purchase most people will make in their lifetime. When meeting with a prospective home-buyer, you have the opportunity to convince new home-buyers by providing some of the best reasons to buy vs renting a home.
Let’s look at the advantages of buying a home:
- Stability and freedom- You have no landlords to deal with and no rent increases. As long as you continue to pay your mortgage, no one is going to get kick you out at any time.
- Equity-Your monthly mortgage payments lead to ownership, and your home is an asset.
- Tax breaks- Many expenses associated with home ownership are tax deductions, such as the interest you pay on your mortgage, property taxes and other expenses in buying.
- Customization- You can remodel a space, paint, put fences up and tear out walls without needing a landlord’s approval.
- Savings- Most homeowners learn the importance of saving emergency funds.
- Maintenance- You can pick and choose how and what you want to spend your money fixing.
- Interest Rates- Mortgage interest rates are still historically low.
- Privacy- No one is allowed access to your home without your permission.
Buying a house is a smart financial decision for many and the United States data still shows support for the American dream of home ownership.