So you just made it official, you can now call yourself a homeowner! This is always an indescribable feeling for families and individuals across the country.
Owning a home is one of those things that are on almost everyone’s life to-do list. Not only is this a life milestone but it is also simply exciting to add another large item to your list of possessions, sort of like when we all got our first car. When you become a homeowner you are gaining a lot of benefits besides that fact you now own a home. It is an equally exciting and confusing time for many people, especially if it’s the first home you have ever owned. But no need to be alarmed, your experts at Ace Mortgage Services are here with a guide to all of the benefits you get once you leap into homeownership, and trust us these are benefits you are going to be glad you didn’t miss out on.
Owning a Home is a Good Investment
When it comes down to it, your options are only to rent or to buy. Sometimes one option is better for some over the other; however, homeownership is better for the majority of people as opposed to renting. When you stay in a home for a long time you may start to notice that house prices tend to go up and down over time. This means that at some point your home is probably going to go up in value, making it have the ability to give you a good return on your investment. If you are currently renting a home or apartment, we recommend using a rent versus buying calculator to help determine which option provides the most economic benefits for you over the time you plan to be in your residence. When using the calculator, be sure to include your estimates about the future cost of rent, as many landlords will raise prices over time.
Tax Deductions
When you own a home you will start to notice that it can reduce the amount you pay in income taxes each year. Certain closing costs, loan discount points, and other entities may be tax-deductible. When you first own a home you may find yourself paying a large amount of money; however, this money can eventually end up being put back in your wallet in the future through tax deductions. What goes around comes around, right.
Build Your Credit
When you buy a home you are going to become responsible for making monthly loan payments on time, it’s one of the downsides to homeownership that the majority of people have to go through. However, these payments do not need to be looked at as a negative part of owning a home. With a quick change in perspective, you can see how these monthly loan payments can build your credit over time. The key is paying the amount they ask for on time, it’s as simple as that, once you prove you can do this your credit will go up and so will your reliability. Good credit shows you can be trusted with money that is not yours. This will help you in the future when you need to take a loan out to make another large purchase such as other homes and cars.
You Can Make the Home Your Own
This is the fun benefit that comes with owning a home. You now own it so it’s yours to get creative with. All of the Pinterest boards you have created over the year with your dream interior design can now be your reality as a homeowner. No matter how weird or out there you want to make the home no one can tell you otherwise. While living in an apartment there are usually strict rules when it comes to the flooring, the walls, and the doors and windows. This can all be kissed goodbye when you own your home. Freedom has never tasted so good.
If you are ever lost when it comes to homeownership you can always reach out to our team of specialists at Ace Mortgage Services. When it comes to the perks and risks of homeownership we can answer all of your questions and provide you with all the information you need. To learn more about the other services we offer, give us a call at (408) 244-1190.