There are many factors to consider when deciding whether to rent or buy a house. Check out these five advantages to buying a home!

Purchasing a home comes with many moving parts and there are certainly a lot of factors to consider when making what can be one of your biggest financial decisions ever, especially if you’re a first time home buyer. While buying a home might not be for everyone, here are some reasons why we think buying a home can be the best decision of your life.

Build Equity in Your Home

Buying a house gives you the ability to gain equity on that house, which is the difference between what the home is worth and what you still owe on your mortgage loan. Building home equity occurs as you pay down your mortgage and it will increase as the value of your home rises.

As a homeowner, equity is a fantastic way to build wealth with real estate. Another huge benefit is that you’re able to tap into your equity to help pay for major expenses, such as a basement remodel or your children’s college tuition! Some different ways to take advantage of this are with a home equity loan (cash-out refinance) or a home equity line of credit.

Home Value Increases Over Time

You’ve probably heard again and again that now is the perfect time to buy a home because of historically low interest rates. With a fixed-rate mortgage and the value of your home increasing over time, you’ll be able to cash in on that extra value when you decide to sell.

And guess what...you’ll never have to worry about rising rents ever again!

Possible Tax benefits

There are also several tax benefits that you may be able to take advantage of if you buy a home, such as the mortgage interest deduction and property tax deduction. Navigating the tax impacts of buying a house can be complicated and different for everyone, so make sure to do your research or contact a professional for more information.

Sense of Home and Stability

For some people mobility might be important, while others might value the ability to put down roots. Your job situation, marital or family status, and finances all play a role in deciding how long you might want to or are able to stay in your living situation, and whether it makes sense to buy a house.

If you are looking to settle, then purchasing a house can surely be the wisest decision for you. That brings us to our next and final reason why we think it’s a great idea to buy your own home.

Freedom to Make Your Space Your Own

There’s no better feeling than feeling at home. Homeownership gives you the ability to upgrade your home to your specific tastes, build that farmhouse kitchen you’ve always dreamed of or dig out a hole in the backyard for a pool for the kids and their friends. All with no landlord to answer to!

Making the decision to purchase your first home can be scary and comes with some potential risks. As you are thinking through all of these moving parts, it’s important to make informed decisions based on your finances and lifestyle. Team Bruce at Guild Mortgage is here to help you decide if this is the right decision for you and to guide you through the steps to buying your first home.

If you think you’re ready to buy a house in Washington, check out our Steps to Buying a Home or contact us today to explore your options!