Still trying to decide if you want to make the change from renting to buying a home? Many people struggle with this important decision to buy a home and are not sure if forking out the cash for a home is worth it in the long run. Buying a home is one of the biggest, if not the biggest, purchase of most people’s lives, so hesitation and anxiety is expected.
For some, the pride of home-ownership is enough of a reason to make the plunge into purchasing. Being able to make decisions on the color of the walls, or being able to renovate when they please, combined with the stability and security of having a place that is yours is a dream to many.
Even though real estate moves in cycles through out the years, real estate has consistently appreciated in the United States. After you purchase your home and start making payments on your mortgage, you will start building equity in your home. Your property’s equity increases with the combination of the appreciation and the payments you make against your mortgage balance.
Being a homeowner also provides you with great tax deductions, since the real estate property taxes paid for a first home and even a vacation home are fully deductible for income tax.
Still not convinced? Check out some statistics!
http://www.realtor.org/field-guides/field-guide-to-buying-vs-renting