Benefits of Purchasing a Home

by Kimberly Povernick 09/13/2020

Image by mohamed Hassan from Pixabay

Buying a home can be one of the best decisions you’ll ever make. However, deciding if you should rent or buy your next home can be a very difficult decision. But once you understand the benefits of owning a home, you can have confidence as you move through the home-buying process.

You Can Save Tons

Buying a home is usually a good investment. That’s because home values continue to rise, while rent prices are also reaching higher levels. So whether you plan on living in a home full-time or you decide to make it a rental property, buying a home can be a smart financial decision. This is even more true if you keep the home for a long period of time. If you look at the data, home prices have skyrocketed dramatically. Back in the 1940s, the average price of a home was around $30,000, according to The U.S. Census Bureau. In the year 2000, that jumped to nearly $120,000. While there aren’t many people who still have a house from the 1940s, this example shows you how home value can increase over a period of time. That being said, buying a home and keeping it around can do wonders for your wallet.

There Are Tax Breaks

While it depends on your individual situation, mortgage interest and certain closing costs are typically tax-deductible. Furthermore, these tax breaks are higher early on in homeownership given the high-interest payments. In addition, mortgage insurance and property taxes might also be tax-deductible. This provides a huge benefit to homeownership, but things get even better: once you decide to sell your home, you can make up to $250,000 in profit and all of that is tax-free. Tax breaks add comfort for homeowners and provide key incentives that be very worthwhile.

It Can Improve Your Credit Score

Another key benefit that comes with homeownership is that you can improve your credit score. This is especially true for those who don’t have a long credit history or many installment accounts. Paying your mortgage shows that you’re a responsible borrower and that you can be trusted. Also, credit bureaus will reward you more for mortgage payments compared to payments for credit cards, student loans, etc. Additionally, very few landlords will report rental payments, so you’re not doing any favors for your credit score by paying rent every month.

Homeownership can be a scary thought, but understanding the benefits involved can help you make the right choice for your needs.

About the Author
Author

Kimberly Povernick

CUSTOMER-FOCUSED REAL ESTATE

Hi! Thanks for visiting my website! I know there are 1000's of real estate websites, so I'm SUPER HAPPY that you're on mine!

To make a long story short, I've been a realtor for over 14 years. I was also an elementary school teacher and registered nurse in the past, but real estate just won over my heart. I absolutely LOVE what I do and get so much joy out of helping customers buy and/or sell their homes. I've been fortunate that I've worked with so many awesome people who ended up becoming my friends long after the papers were signed and the deal was finished. :)

I give EXCEPTIONAL service and treat every customer like they are my only one. My ability to go above and beyond for my customers is partly just by nature, and partly because I am selective about who I assist. The relationship between a Realtor and a customer must be one of mutual respect, understanding, and trust. Therefore, all three traits must be present for both of us to have a positive experience and reach your ultimate real estate goals.

I am honest, hardworking, intelligent, and excellent at what I do. However, this isn't about me...it's about YOU, the customer. So, it's vital for YOU to trust in my character and abilities to represent you in one of the biggest moments of YOUR life. Bottom-line...I only work with people who WANT to work with me...period.

If you're looking for a straight-forward professional who's been in this crazy (but fun) business for a long time and will be in your corner every step of the process, you're on the right track. Trust me when I say that who you choose to work with DOES matter...more than you know!

Call me any time and we can chat! I'm full-time (no, I don't sell candles or oils or Avon on the side...not that anything is wrong with any of that)...but I am 100% REAL ESTATE FOCUSED. So, I'm always here to answer any questions you may have.

How can I help YOU today? :)