Many people find that owning a house is more practical financially and in terms of lifestyle than renting. Here are some top reasons why people choose to buy rather than rent. Find a Myrtle Beach Real Estate Agent to help choose the right home for you.
The Property can be used for any purpose you wish
You can paint the room of your child any color you like, change the floors from wood to carpet, and install a new chandelier in your dining room. If you choose to buy a new construction home, you can choose all appliances and interior colors. These home improvements can increase your property’s value.
Appreciation Benefits
A home is a better investment than stocks because it gives you the opportunity to live in your home every day. The financial benefits can also be significant and may even outweigh stock investing. Because a home appreciates more quickly than stock investing, you will get the appreciation of the entire property’s value and not the gains from your cash investments.
Tax Benefits
When filing their tax returns every year, homeowners are permitted to deduct property taxes and mortgage interest. Property taxes are assessed at both the local and state levels for homeowners. If you’re married and filing jointly, you can deduct $10,000 in property taxes. You can also deduct $5,000 if married filing separately. The property tax deduction may be very beneficial depending on where you live. These tax benefits can make it possible to own a home that is as affordable or even cheaper than renting.
The Mortgage Costs remain the same
Your mortgage payment will not change if you have a fixed-rate mortgage for your home purchase. Rent increases every year unless a renter lives in a rental-controlled area or building. This provides a lot more stability in the budget, as the mortgage payment makes up the majority of the owner’s housing payments. Owners and renters both have insurance, though renters don’t need it as much as owners. This can also affect the cost of other expenses. This fee can be tax-deductible, even though owners pay property taxes. Property taxes can increase as the home values. Ask your agent about the benefits of a Fixed-Rate mortgage.
Forcible Savings
A homeowner who is making monthly mortgage payments will pay a portion to reduce their loan balance. This gives them more equity in the home. Each year, the average monthly pay-down keeps increasing. The monthly loan payment must be paid down each month. However, it is the owner who is required to make investments in their home. It’s like forced savings. Work with your buyer’s agent to stay within your budget. This will make sure you have extra savings.
If you are interested in buying a home in the Myrtle Beach area, Call Full Potential Real Estate LLC, Today!
Full Potential Real Estate, LLC
Myrtle Beach 29579
843-236-0203
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