Most renters daydream about the perks of owning a home, although shy away from the thought of lengthy mortgage loans or parting with their life savings fo a deposit. However, if you are sitting on the fence undecided about whether or not buying a property would be more beneficial, the following reasons will definitely sway your mind.
No More Nagging landlords
Even if you are among the very select number of renters blessed with a landlord who offers a somewhat nonchalant attitude regarding your residence in their investment, even the nicest of landlords can become nightmarish for a range of reasons. Most rentals are subject to a 10% rental cost annually, and in most regions, landlords reserve the right to host inspections according to contract terms.
This unfortunate fact often results in issues as landlords may sprout problems with tiny changes they were unaware of. Unfortunately, landlords can be exceptionally unpleasant, which usually leaves renters longing for a property of their own, finally taking the step to apply for a mortgage will free you from the few downsides of having an unpleasant landlord.
Obtain A Home Of Your Own
Purchasing a home means you have the opportunity to search and find the home of your dreams. Owning your own home gives you the freedom to make modifications and decorate to your heart’s content. You won’t have to worry about losing your deposit for repainting a room to a colour of your preference, or wonder how many nails you can knock in for your paintings.
If you are after a sustainable home with eco-friendly features or a queen creek home in a neighbourhood you adore, you will be able to find your perfect home with the help of Landsea Homes and other similar real estate establishments.
Tax Advantages
Beyond the freedom of renovating and modifying a home to your preferences, there are also other benefits associated with owning a home. You will be eligible for tax advantages as you can deduct the interest paid towards your mortgage loan in most regions. You may also be able to deduct your property taxes and any relevant private mortgage insurance from your tax deductions. Even though there are not any tax credits associated with purchasing a home, you will be able to access deductions that could add up to a small fortune in the long run.
Access To Equity
One of the main reasons purchasing a home is often referred to as investing a home, is because a property is a fixed investment. This is because your property value will increase year after year, as all properties do due to inflation and several other factors. Therefore you will be able to access the equity that has grown on your property after some time.
Many homeowners release equity to put back into their mortgage and pay off the substantial debt a lot sooner while other release equity to afford renovations. Considering new home for sale in Queen Creek AZ and other new developments mean you may be able to take advantage of more considerable equity growth.
Stability
If you are renting, there are several reasons why you may be moving multiple times. Perhaps your landlord is cramping your lifestyle, or maybe your rental is behind on maintenance. Regardless, renters often find themselves without the aspect of stability. In many cases, landlords offer renters contracts of one to two years, which means that after your contract term, you may not be able to renew your stay.
Owning a home means you will finally be able to achieve stability. You won’t have to anticipate the outcome of requests to renew rental contracts or wonder if the rental cost will be increased beyond your affordability.
Retirement Security
If you are willing to search for a property in a suitably desirable location, such as homes in Queen Creek for sale, you will be able to rest assured that your retirement is secure. Purchasing a home at the age of 30 suggests that you could pay off your mortgage loan in an additional 30-35 years, just as you retire. Therefore, retiring in Queen Creek doesn’t have to be a far fetched dream as you can secure your retirement by buying a home in a highly-saught after area now.
Be Apart Of A Social Community
Statistics prove that homeowners are far more likely to engage in the effort of building social relationships with neighbours in comparison to renters. This is generally based on the notion that homeowners are more inclined to feel responsible for unifying their immediate community. Therefore, purchasing a home will also open the opportunity to be apart of a social community in which the neighbourhood serves as a safe environment.
When buying a home, you are not just investing in the property, but you are also investing in the community. This factor is often the reason budding buyers assess the general condition of the neighbourhood as an impacting factor on their decision to buy. Most younger buyers opt for new developments, such as Queen Creek homes and similar developments, as they can be specific community standards will be high.
No More Permission Needed
If you’re a pet parent, you probably already know how tiring it can be to find a rental that allows pets. You have likely spent quite a bit of time requesting permission to home your pets and anticipating negative responses. However, should you decide to purchase a home, you won’t ever find yourself seeking permission to keep your furry friends.
As the owner, you will be able to keep your pets without concern for sudden permission changes or complaining neighbours that may sway the prior permission given. Your home will be your own, which means you can keep your pets, repaint the walls, change light fittings, and enjoy your investment as you wish.
When comparing owning a home to the details of renting, owning a property is always a better option. Whether you opt for a Queen Creek home or a starter home in a neighbourhood near your place of work, the decision to purchase will improve your life drastically.
