There are many benefits to owning a home, especially the stability it provides to you or your family. Owning a home is a great way to build roots in a community and it can give you stability that you can not get if you rent a home and move often. Here are some additional reasons that you might consider buying a house today.
When you own a home, you own a piece of real estate that has a cash flow potential if you choose to rent it out to tenants in the area. Even if you choose to continue living in your home, renting it out is still an option. You can accomplish this by renting out your home's basement, upstairs, or an extra bedroom you are not using. Or you can move from the property and rent it out in its entirety. When you rent your house out to a tenant, the rent they pay you can go to cover the mortgage payment, and in some rental markets, the rent you can charge for your home may be more than your monthly mortgage payment. This can essentially allow your house to pay for itself as a cash flow asset.
Be sure you thoroughly screen anyone before you rent to them and let them move into your home. You don't want to allow in someone who will damage your home or not pay you the rent. An eviction and repairing your home's damage can cost you quite a sum.
When you buy a house, you own the piece of property the house sits on, along with the benefits of owning some of the outdoors. With homeownership comes the ability to landscape your yard with lawn, shrubbery, flowers, fruit trees, or a vegetable garden if you wish. And with a backyard space, you have the potential for backyard cook-outs, bonfires, swimming parties, and many other fun activities you can plan.
Along with a yard and the potential to turn your home into a rental, you also realize many great benefits from the property's tax write-offs. For example, the interest you pay for your mortgage is an income tax deduction you can claim when you file your taxes. And if you are paying any private mortgage insurance, this is tax-deductible as well.
Keep track of these expenses, as when you file your taxes the total deductions will reduce your taxable income to help you save on your tax bill.
For more information about homeownership options, like buying a lake home, contact a local realtor.Share