You were just looking on when some of your friends, loved ones, or co-workers were buying a home. And now that it’s time for you to make that same decision as the need arises, you are contemplating whether or not you should buy a house. Here are some of the most practical reasons for buying instead of renting.
One of the major reasons why you should consider buying a house instead of renting one is that you will own the property. It’s in your name and you can do whatever you please with it. You have the freedom to do as many renovations as you can – paint the walls to whatever color you like, attach permanent fixtures, and decorate them to your own taste.
They say that buying a house and lot is a great investment because the appreciation rates grow with time. The house value increases especially when more work is done. It means that when in the future you choose to sell this property, you can do so for a much bigger amount than what you have really paid for it.
Based on the U.S. Tax Code, buying a home gives you the opportunity to deduct the interest you pay on the mortgage including the costs involved in buying this home. This is called the property tax. In fact, in some areas, the taxes cannot increase until the property is resold.
Predictability on Mortgage
When you rent, you don’t have the assurance that the rental fee you are paying will be the same three to five years later. In most cases, it increases the longer you stay in the property. When purchasing a house, your mortgage payments are fixed. It never increases over the years. Instead, your housing costs decline the longer you own the house.
Residing in one neighborhood for years or decades will allow you and your family to have a long-lasting relationship with the members of the community. The children will also have the chance to benefit from continuous education without having to leave friends and make new ones every once in a while.
Now that you have finally decided to buy your first house, go ahead and take a look at the homes for sale in Waimea Big Island. Here, there are so many houses and other real estate properties for you to choose from. So ensure that you have taken some buying factors into consideration before you make that big decision.