As a first time home buyer in the Dallas suburbs, you may be wondering about the pros and cons of buying a house. Should you continue renting? Does it make sense to invest your money in a home? Are you ready to join the rank of home buyers? The best way to answer these questions is to look at the many benefits available to the first time home buyer.
Home Ownership: The 4 Benefits You Deserve
Intangible Benefits of Home Ownership
The first benefit of home ownership is one that isn’t easily quantifiable. As a first time home buyer, you will have:
- A better quality of life
- More stability
- A greater feeling of control
Each of these comes from owning a property and knowing it is your own.
Investment
Home buyers make a financial investment on their own property. Renters, on the other hand, provide income to a landlord. As you look at the pros and cons of buying a house, keep in mind that the money you spend each month is going toward your own investment rather than to someone else.
Equalized Payments
Never again wonder what your monthly shelter expenses will be. Home buyers that choose a fixed interest rate loan will have the same loan payment for the length of the loan. A renter’s payments can go up each year at the whim of the landlord.
Tax Benefits
There are several tax benefits to home ownership. Two of the most important are the ability to deduct the interest paid each year and the ability to sell your home without paying capital gains taxes. Of course, both of these have some restrictions, so be sure to talk with a tax professional.
