It don't matter if you come from an apartment, home rental, or your parents' basement; getting your own home and homeownership are sure to shake things up a little bit with you.
Here are 5 ways becoming a homeowner can change your life according to Realty Times:
Financial security
The largest measurable financial benefit to homeownership is price appreciation," said Investopedia. "Price appreciation helps build home equity." Added Real Estate ABC: "The principle you pay on the mortgage is like putting money in the bank, in the form of equity."
Peace of mind
Gone are the days that you have to run after the landlord to have your lease extended. Plus, no more feeling like you are putting your money in the air.
Pride of ownership
There is just no substitute to the feeling of being able to come home to a place that you have worked hard for and a place that you can call your very own. Your home represents your lifelong dream and you can make it a reflection of who you are without having to worry about getting the landlord's permission to have the wall paint changed or putting up new cabinets.
Tax breaks
"The second largest financial benefit of owning a home is tax savings," said Investopedia. "The biggest of these is the ability to deduct the annual interest paid on a mortgage from income. Private mortgage insurance may also be a write off, on addition to fees paid at closing. If you have paid points, either discount or origination, you can deduct these as well."
Knowledge of interest rates, home prices, and sale trends
The home buying process is a tedious string of steps that requires you to be hands-on and to understand concepts and numbers. After closing your escrow, you should already be knowledgeable of the market and the neighborhood. Whatever you have taken from the experience will help you make informed decisions on home updates, as well as finance and mortgage. You can even act as a resource person for friends who are also looking to buy a home.
