What could be more perfect than declaring your personal independence on Independence Day? Independence from renting, that is. This Independence Day, why not celebrate the freedom that comes with owning your own home and starting the journey to receiving the keys to your own home?
On Independence Day Why Not Declare Your Independence From Renting?
The infographic below outlines five great reasons to buy your own home versus continuing to rent:
1. Buying/owning your home provides an opportunity like no other to build your personal wealth and credit. Owning a home is an investment that can provide better benefits than investing in the stock market. Homeowners enjoy the tangible daily lifestyle benefit of living in the home. And financial benefits can be more substantial than returns from investing in stocks. As a home appreciates, it accrues faster than a stock might because you get the appreciation on the entire home’s value, not just the gain from your original down payment “investment.” Did you know that homeowners’ financial worth is more than 44 times greater than that of renters?
2. Buying/owning your home provides great tax advantages. You can deduct property taxes and mortgage interest, thereby reducing your cost of housing on an after-tax basis. When you rent, the entire rental payment is made from after-tax income.
3. Buying/owning your home provides housing cost predictability by locking in your monthly housing costs for years to come, while rent rates keep rising. And why keep paying your landlord’s mortgage instead of your own? Wouldn’t you rather build your own wealth instead of your landlord’s wealth? And increases in inflation have no impact either on your monthly housing costs.
4. Buying/owning your home provides the flexibility to improve your home the way you want to do. And many improvements you make to your home can increase the value of your home.
5. Buying/owning your home provides a sense of security and social stability for you and your family and lets you put roots down in a community.
It Hasn’t Been This Affordable To Own Your Home In Decades
Right now you have the opportunity to take advantage of historic lows in interest rates. Not only do low interest rates reduce your cost of housing, they can help you afford “more” house than you might otherwise. Plus, locking in at a low rate today could save you thousands of dollars over the lifetime of your home loan. It hasn’t been this affordable to buy and own your own home in decades.
Independence From Renting: Infographic
Non-Financial Benefits Of Owning A Home
Then there are the non-financial benefits of owning a home, which should not be overlooked. A recent survey from Concentrix Analytics showed that:
93% of surveyed homeowners responded that owning a home made them happier. Who wouldn’t want to be happier?
88% of surveyed homeowners responded that buying a home was the best decision they ever made.
79% of surveyed homeowners responded that owning a home changed them for the better.
Additional Articles About Why You Should Own & Not Rent
The process of buying a home can be overwhelming at times, but you don’t need to go through it alone.
You may be wondering if now is a good time to buy a home…or if interest rates are projected to rise or fall. Our free eGuide to buying a home will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home. And once you’ve had a chance to review this free home buyer guide, why not declare your independence from renting this Independence Day?