Over 79 percent of the people living in the United States still believe that owning a home is part of the American Dream. Are you one of them? If you are, making the move from renting to buying a home is a big decision. There are many pros and cons to owning a home and you need to determine what’s best for you and your family.
There are many benefits to buying a home. Here are just a few!
- Make improvements without permission. If you’re DIYer or someone who loves their home to reflect their personality, then owning a home is perfect for you. You own the home so if you want to paint a wall blue or change the flooring, you can without having to ask permission from a landlord.
- Build personal wealth. Although the housing marketing fluctuates, homes are typically the biggest contributor to personal wealth. Homes generally increase in value over time.
- Tax Benefits. In some cases, homeowners can deduct their mortgage interest and property tax on their federal tax return. Check with your tax expert on this.
- Parking. If your apartment doesn’t have designated parking, you know how frustrating it is to find a place to park after a long day. When you own a home, you can park anywhere you please. No more frustrations!
- Noise. When you own your own home, you no longer have to worry about hearing floorboards creak when people walk above you or the loud TV next door. There are no shared walls when you own your own home unless you’re thinking about purchasing a townhouse.
To determine whether you should consider buying a home. Ask yourself these questions:
- Is your income stable? Getting preapproved for a mortgage loan requires a stable income.
- Do you want to remain in one place for at least 5 to 7 years? Often, it can take this long to accommodate the costs of buying and selling your home and ride out the market’s ups and downs.
- Is the cost of buying a home more expensive than renting in the area that you’re looking to call home? In some neighborhoods, the cost of buying a home is actually more expensive than renting an apartment.
- What is my budget? The rule of thumb is that the cost of your housing should be one-third of your total income. Often, banks will push this up to 50%.
- What kind of mortgage should I get? There are many options to mortgage your home. Check with your lender to see what works best for you. Your realtor can recommend a mortgage broker.
We realize there are lots of considerations when deciding whether or not to take the big step from renting to owning a home. If you think you’re ready to buy a home and looking around the Maple Valley area or surrounding communities, please contact our office. One of our experienced realtors can help you or answer any questions you may have. We are the number one real estate group in Maple Valley and we will treat you like family. Check out our 5-Star reviews on Zillow.