Buying a home can be a stressful decision for some. This is why almost all first time homebuyers turn to friends and family for valuable advice. Real estate professionals believe that if a person understands what buying a home of their own actually means and the benefit and the peace of mind they will get, it can be a far less scary decision than they perceive it to be.
Pride of Ownership
This is the main reason why most people yearn for their own home. They can do whatever they feel like with their own personal space. Do what needs to be done to make their home more homely. They can paint the wall into any color, bring a wall down to create a bigger living area, and turn up the volume as high as they want. It gives them a sense of security and stability like none other.
Appreciation of Value
Real estate values move in a cycle and fluctuate throughout the year. But over the past few years, real estate value has only appreciated. So when you buy a home, the worth of your home will increase over the years.
Deduction of Mortgage Interest
If you didn’t already know, owning a home is a great tax shelter as tax laws favor home owners. If the balance on your mortgage is lower than the sale price of your house, you can fully deduct mortgage interest in your tax returns.
Treatment of Preferential Tax
If you choose to sell your home, the allowable profits you get to keep increase. Given that you’ve owned your home for a year or more, the profit is considered a capital asset. And capital assets are treated according to the guideline of preferential taxes.
If you are looking to settle down in Gilbert, Arizona, consider the above reasons for why you should buy a home. There are many more considerations that go into it, so consult your close friends and family as well as your real estate agent before making any big decisions.