A big question in the real estate world is whether or not it is worth it to become a homeowner. So to help provide some insight, your local Green Cove Springs contractor with A&M Home Builders has listed five benefits on why you should stop renting and buy your own home today.
Benefit #1: Home Equity
Home equity is the difference between what you owe on your mortgage and your home’s overall value. The more you pay off your loan, the more equity you will have in your home. Therefore, being a homeowner is like having a long-term investment. If you choose to rent, you will never see the money you spend every month again, however, every time you pay your mortgage as a homeowner, you are increasing your home equity.
Once you accumulate enough equity, you can spend that money however you want. Whether you are interested in purchasing more real estate, want to renovate your home, send your kids to college, pay off your high-interest loans, or even go on a dream vacation you can use your home equity to do so.
Benefit #2: Tax Deductions
Another benefit of being a homeowner is the tax deductions. You can receive a tax break on the amount of interest you pay towards your mortgage and you could get a deduction on your state and local taxes.
Benefit #3: Appreciation
Depending on the local real estate market, the location of your home, and how well your home is maintained, the value of your home could appreciate over time. This means that your home could be worth more than what you originally paid for. So, if you ever decide to put your home up for sale in the future, you could be coming out on top.
Benefit #4: No Landlord
As a homeowner, you’re the one in charge. This means you can alter the look of your home however you want without needing permission or being charged a penalty for doing so. You also get the freedom to pick any company you want to come out and service your home. Most landlords do not give the renter that option, instead, they pick the company for you.
Benefit #5: Community Involvement
Studies show that homeowners are more likely to get involved in the community over those who rent. Those who own their home tend to take more pride in the area they live and are more likely to volunteer to help keep the local area beautiful.
If you would like to become a homeowner today or if you are interested in learning about more benefits of being a homeowner, please contact your local Green Cove Springs contractor with A&M Home Builders at 904.955.1758.