Buying a home comes with a lot of perks, both financial and personal—building equity, finding a place to belong long-term, becoming part of a community—but there are some overlooked financial advantages to homeownership, too.
Financial Advantages to Owning You Didn’t Know About
If you’re still renting or haven’t owned a home recently, you might not know about all the hidden benefits to owning! Here are three financial advantages to homeownership you might not’ve thought about.
Someday, you won’t have a housing payment
When you first buy a home, you’ll likely have a mortgage, and it will probably be comparable to your current rent payment. But starting from that first monthly payment, your money will no longer be going into your landlord’s pocket; it’ll be paying down your mortgage.
And believe it or not, if you stay in your home long enough, there will come a day when you don’t have a monthly housing payment.
Homeowners get tax breaks
As a renter, you might not be aware that owning a home comes with a few nice tax benefits. In fact, both the mortgage interest and your property taxes are tax-deductible—which can be a pretty big break when tax season rolls around! And it’s certainly a benefit that renters cannot enjoy.
Monthly housing costs are predictable
When you rent a home, the amount you pay per month depends on the rates your landlord sets, and since most leases are terms of a year or two, that rate can change from year to year. But when you own a home, such is not the case.
The majority of homeowners use a fixed-rate loan, which means that your rates stay the same throughout the duration of your loan. Your property taxes and homeowner’s insurance may fluctuate over the years, but what you pay for your mortgage will not. Not only does that make budgeting a breeze, but it also ensures that you’re protected against things like inflation and skyrocketing rental rates.
Convinced to Buy?
If you’re ready to buy a home in the Triangle, or even if you’re still on the fence, Linda Craft & Team is here to help! Let us put our expert local knowledge, our extensive network, and our 350+ years of combined experience to work to find the perfect home for you.