Top 5 Reasons to Buy a Home in 2018

You’ve weighed the pros and cons. You’ve done the research, calculated costs and are fully prepared to make the jump to homeownership. But just because you know you’re capable doesn’t mean you’re ready. So, if you’re going back and forth and having mixed feelings on buying a home, don’t fret — it’s completely normal.

While purchasing a home is one of the biggest decisions you’ll ever make, it can also be one of the most advantageous. Whatever cons are keeping your scales balanced at the moment, let’s delve into the top reasons to buy a home that may help tilt the scales heavily toward homeownership.

FREEDOM
Owning a home gives you the freedom to enjoy your house any way you choose. Want to redecorate the living space or turn a bedroom into a game room? Do your thing. Want to remodel the kitchen or create your very own backyard oasis? You make the call. And we didn’t even mention the dance parties (no downstairs neighbors), theater level audio for movies and music, and the privacy to enjoy it all.

STABILITY
A home offers stability unlike any other living situation. Uncertainty and instability are two of the most stressful aspects of life, and a house helps put a cap on both regarding your living situation. One benefit of a fixed-rate mortgage is your monthly principal and interest payment won’t rise. Another perk is building relationships with your neighbors and others in your community so you feel comfortable where you live. Plus, if you have children, staying in the same school system and participating in local activities can help create lifelong bonds.

EQUITY
As soon as you buy a home, the equity clock starts ticking. As time goes by, your home may begin to build equity depending on a range of factors regarding your home and the housing market. Equity (or value) is a major reason why buying a home is more beneficial than renting. If you’re paying rent every month, that’s essentially money you’re tossing away because it brings back nothing of value. A home, however, helps you build equity over time as you pay down your loan. The more you pay off, the more equity your home gains, the more opportunity you have to take advantage. This is a unique asset you can use for a cash-out refinance, or if you ever choose to sell, the additional money you make from your home’s value can be put toward your next home.

SPACE
Don’t let anyone tell you space is overrated. If you have a family or pets, you know that more space provides comfort, while smaller areas can really cramp your style. Also, if you enjoy hosting get-togethers with friends and family, a home provides the space to make everyone happy. This isn’t football, so there’s no reason to bump shoulders or trip over each other while trying to enjoy the company of your loved ones in a cramped space. Plus, if you buy a home with a backyard, your family, friends and pets have ample space to roam and use all their bottled-up energy.

TAX ADVANTAGES
When it comes down to it, taxes are just an inescapable part of life. The good news is mortgage interest, property taxes and a portion of closing costs may be deducted from your taxes. These tax benefits can help you put money back into your home for upgrades, decorations and more.

Are you ready to experience the joys of homeownership? Only you know when the time is right, but if the answer is yes, PrimeLending is happy to guide you through our simple and hassle-free mortgage process to find the perfect loan for your situation.

Find a loan officer near you to learn more about our seamless process or to start your journey to homeownership in 2018.

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