Renting your first apartment can be fun and interesting, especially if you have the chance to live with roommates. However, over time, you might yearn for privacy and your own personal property. Here are three advantages of buying a home over renting a place, and how real estate agents can help.
3 Reasons to Buy a Home
1. Build Equity
By purchasing a home, you’re investing in your future. Each time you make a payment, the amount of equity in your home builds. Therefore, your level of equity continues to rise as the market conditions in the area improve. However, when you rent, you don’t build this personal nest-egg. If you ever run into financial trouble, you can’t take out equity loans on a rented property. Talk with a real estate agent about investing in a home where the market is projected to improve, so you can take full advantage of the equity that might come your way.
2. Change What You’d Like
Property owners typically focus on keeping their apartments and homes in pristine condition. This means renters are usually prohibited from making changes that could cost money to undo later, such as painting, replacing fixtures, or altering landscaping.
However, as a homeowner, you can change almost anything about your home, so long as city ordinances or a local HOA don’t prohibit it. Before you buy a new home, ask a real estate agent if there are rules in place in the area that could impact your ability to renovate.
3. Enjoy Tax Advantages
Homeowners also enjoy plenty of tax perks, such as the ability to write off property taxes, mortgage interest, and even private mortgage insurance. This reduces your taxable income each year, making it easier to save money during tax season.
Whether you’re thinking about investing in your first home or have questions about the real estate acquisition process, the experienced real estate agents at RE/MAX Real Team Realty will help. From helping you identify the perfect home to making it simple to sell an existing property, you are in good hands with these #1 ranked realtors. Explore current listings by visiting their website, or give their Ashland, KY, office a call at (606) 325-0407.