Short Term and Long Term Benefits of Buying a House
There is a bigger cultural debate happening today in regards to buying a house. One side argues that renting is the way of the future and that there is no real reason to buy a home in today’s world. In fact, many young people have been scared off from buying a home and told that renting offers them more benefits. Here at Brian Burds we understand the daunting commitment of home buying, but we also see the many short and long-term benefits that homebuyers reap when making this decision.
Freedom. People often think that renting is the only way to have freedom. Except freedom can mean different things for people and having your own home offers you a very unique kind of freedom. When you own your own property you are free to do changes to it as you see fit. If you desire to have pets, you don’t have to deal with regulations, pet fees, or other rules put up by apartment complexes. You also have the freedom to sell the home if it becomes necessary in the future.
Raising a Family. If you are young and looking to raise a family, a single family home is a perfect environment to raise children. It offers more space including the advantages of a backyard where kids can play and have a place to be outside. This gives people the opportunity to host family parties, sleepovers, and birthdays. Houses will usually offer more room and more opportunities for remodeling as the family grows.
Tax Advantages & Purposeful Spending. Nobody escapes the taxman. It’s something we must all contend with in some form or another. However, part of the advantages of owning a home is that many families will receive tax incentives. At the same time, anything that you spend on your home is an investment, rather than throwing money away every month to a landlord that may or may not have your best interest at heart.
Equity & Investment. As soon as you purchase your home, it is likely to start building value. As you pay down your loan, your home will increase in value depending on a variety of factors and whether you decide to sell later or want to take out some refinancing for other business ventures or investments, you will have more to work with.
Stability and Future. Unknown futures and instability can be great causes of stress for people. Having uncertainty about the future often holds people back from making good financial decisions and investments. A home offers stability in knowing what your future will hold and to have some tangible assets. Most importantly, it’s a place that is yours to invest in!
Future Options. While many people will claim that buying a home tie you down for the next thirty years or more, the truth is that circumstance and chance happen to everybody. So whether it is a new job, deployment, or a new opportunity in life, many people will find themselves having to sell their home before they finish paying it all off. This is fairly common and in fact gives people a kind of freedom in knowing that they will get some returns on that home, based on market value and the investments they put it. Many people also rent their homes out if they choose to do so for a temporary time as supplemental or extra income.
Invest in Your Future With Brian Burds
Yes, you have many living options in today’s day and age. Yet, the benefits of having your own personal property offer you a variety of short-term and long-term benefits. That is not to say, of course, that buying a house is a decision to be taken lightly. You need the right guidance knowledge of the local market in order to make the right decision for you, your circumstances, and your tentative future plans. Brian Burds Real Estate Team is here to help you do just that. Give us a call today.