It’s no secret that owning a home is part of the American Dream. Every young adult envisions buying their first home. Even most renters dream to get out of the apartment lifestyle. If you’ve been on the white picket fence about buying a home, consider the following reasons to take that step into the foyer:
You’ll Have an Investment
Buying a home is making an investment. You can pay off a thirty-year mortgage in less than thirty years, meaning you will pay less interest and gain equity. The more you pay off your mortgage the more equity you will have on your home when you sell it. If you manage to completely pay off your mortgage, you will have an asset that you can sell or rent out when you move. Selling your first home often leads to a sizeable down payment towards your next home, especially in a fast-paced seller’s market, as seen today in the Myrtle Beach area.
Rent Will Always Keep Increasing
If you have been renting, then you know that traditionally the landlord or rental company raises the rent each year. This means one of two things: you move to a cheaper apartment, or you get stuck paying a higher rent at your current apartment. If you own your own home with a fixed-rate mortgage, you won’t have to worry about your monthly payments going up unless you want to pay your mortgage down faster. Owning your own home means security both financially and physically.
First-Time Buyer Programs
First-time-buyer programs exist to make the home-buying experience attainable. Your real estate agent will be able to inform you of different options available to you. You might also want to look into the bank that you frequent. Often, they have different programs available to loyal customers and can point you towards the mortgage plan that is best for you. Either way, with first-time-buyer programs you may be able to put down as little as zero to 3.5 percent. This makes buying your first home achievable for those that cannot afford the standard 20 percent down payment.
When you buy a home, you will gain equity through the years. In a growing market, the value of your home will increase based on the rate of other homes in the area, as well as the improvements that you make to it. Putting a new roof, new cabinets, or even just fresh siding on will raise the value of your home, which means you can make more money when you decide to sell.
When tax season rolls around you will want to be a home-owner. Home-owners get to take advantage of a mortgage interest rate deduction, among other tax write-offs.
Make It Your Own
Owning your own home means you don’t have to adhere to the rules put in place by a landlord. You can paint the walls whatever color you want, and won’t be stuck with used, old appliances that apartment complexes provide. Instead, you can put in that new gas stove you’ve been dreaming of, or get that state-of-the-art dishwasher. You may even wish to have a yard to transform into your personal oasis.
An Opportunity for Passive Income
Being your own landlord means you can do what you want with that spare bedroom. Many homeowners choose to rent out their extra room or transform their detached garage into a space that can be listed on Airbnb. Either way, it is possible to make enough money to pay your mortgage through passive income.
Garden City Realty, Inc.
Buying a home can sound like a daunting task, but, the process is quite easy when you have the proper real estate agent at your side. Garden City Realty has the best real estate team on the Grand Strand. Garden City Realty’s sales team is dedicated to getting you into your new home with ease. Our top-notch sales team deals with both home sellers and buyers, and we know the Myrtle Beach Real Estate Market in and out. If you’re looking for an agent to find you that new dream home, look no further.
By Katie Robison, blog contributor for Garden City Realty