Make 2018 YOUR YEAR…Because Renting is SO 2017!
Do you know the benefits of owning a home VS renting?
Are you tired of increased rent each year, neighbors who come and go, places that
don’t accept your pets and everything else that comes along with renting? We know owning a home sometimes seems like a scary thought, but owning a home is not only a smart investment but it also has several advantages that you may not have thought of:
1. Build Equity – Unlike renters, homeowners build equity over time. On most mortgages, a portion of each monthly payment goes toward the loan’s interest. The remainder pays down its principal. Every dollar you put toward your loan’s principal represents a dollar of equity – actual ownership of the property. Usually once you reach 20% equity, you can tap that equity through a home equity loan or to secure a lower interest rate.
2. Deduct Mortgage Interest – You can deduct your property taxes and the interest paid on your mortgage, reducing your overall income tax burden (often substantially).
3. Sense of Belonging to a Community – Since homeowners tend to stay in their homes for longer than renters, they’re more likely to put down roots in their communities. You might join a local neighborhood association, sponsor block parties, volunteer at a nearby community center, or join with a business outing.
4. A Place to Call your Own – As a homeowner, your decorating and home improvement choices answer to no one. You can paint walls, add new bathroom fixtures, update your kitchen, finish your basement, or build a patio or deck to your heart’s content. Making your home to suit your personality is a fun, and even cathartic aspect of homeownership.
…and so much more!
If these all sound like things you are ready to take advantage of, it is the right time for you to start your search to find your home! At Build Cincinnati, we have years of experience working with first time home buyers and will hold your hand through every step of the home buying process. Reach out to us today so we can get started at 513.686.7676!