If your New Year’s resolution is to stop renting and become a homeowner, then 2019 is the perfect time to make your dreams come true. The Federal Reserve has reported that they’re going to take it easy on any further interest rate hikes in the near future, so relatively low rates, especially historically speaking, will be around for the time being. This means it would financially be in your best interest to speak with a Smyrna mortgage lender now so you benefit from these current low prices.
To help convince you even more, your local lender with Accurate Mortgage Group has listed the top five reasons you should stop renting and purchase your own home.
Benefit #1: Tax Deductions
When you choose to rent a home, every time you make a payment, you never see that money again. But, if you were to be the sole proprietor on a home, you could benefit from major tax deductions. Homeowners are able to deduct up to $750,000 from their income taxes, on mortgage interest. This alone could save you thousands of dollars from renting.
Benefit #2: Long-Term Investment
Every time you make a payment toward your Smyrna home loan, you are increasing your equity (your home’s value). Your home equity acts as a long-term investment because you can access that amount of money, once you own at least 20% of the home, and use it however you want. You could tap into your equity to pay for additional real estate, make renovations on your current home, use the money to pay for higher education or even to go on a dream vacation.
Benefit #3: More Privacy
By owning your own home, you will have more privacy. You will not have to answer to anyone or have to get permission to make certain changes on your home. If you choose to rent, most landlords provide their tenants with a list of contractors they can call if there is ever a maintenance issue. However, if you own your home, you are able to work with any company of your choosing.
Benefit #4: Creative Freedom
Another benefit to homeownership is the creative freedom that comes with it. You have the right to decorate, fix or alter any part of the house as you’d like without having to pay a decoration fee. You can paint the interior walls whatever color you want or even tear down a wall to create a more open floorplan.
Benefit #5: Community Involvement
Studies show that those who are homeowners are more likely to get involved in the community than someone who rents. Community involvement is an excellent way to help improve the area surrounding your home. It’s also a great way to meet new people and learn new skills.
For more information on reasons to buy your own home or to get started on your application for a Smyrna home loan, please contact the Accurate Mortgage Group team at 615-833-0456.