If you’ve been putting off homeownership, you could be blocking a wealth of blessings for you and your family. Before you convince yourself that you’re not ready, read on to find four reasons why you should get on the path to homeownership today.
Procrastination is a bad habit that can keep us stuck. When it comes to homeownership, procrastination can also keep us broke. Many people put off homeownership because they don’t believe they can afford it, but you may be surprised to learn that you can afford more than you think. If you’ve been thinking about taking the plunge from renter to homeowner, read on for four reasons why this is the time to do it.
You’ll be on the path to earn more wealth. Historically, real estate increases in value. Yes, there are times when house prices drop and we all know that nothing is guaranteed. But if you’re going to be living in your home for several years, there’s a good chance you will see a return on your investment. And while you wait for that investment to pay off, you’ll have a place to call your own. The longer you wait to buy a house, the less time you have to realize those potential gains.
You’ll be on track for a better retirement. Those who are 65 and older typically spend more than 35 percent of their household income on housing. If you are a homeowner and you’ve paid your home off by the time you retire, you’ll have more money in your pocket to use in other ways. If the idea of traveling in your Golden Years is appealing to you, buying a house and paying it off could help you to reach that goal.
You won’t have to cater to your landlord. Renters have little control over their living circumstances. Not only can you be hit with an unexpected rent increase, but there may be other rules, such as strict parking regulations, no pets or restrictions when it comes to decorating and painting your walls. When you own your own home, you have more freedoms without having to deal with a bossy landlord. You can even remodel your home if you so choose.
You may benefit tax-wise. Buying a home this year may pay off when it’s time to do your taxes next year. For mortgages taken out after December 15, 2017, homeowners can deduct interest on mortgage debt up to $375,000 – or $750,000 if you’re married and filing taxes jointly.
There are so many benefits to homeownership that you are missing out on the longer you wait. Leave procrastination behind by contacting a homeownership advisor today.