2016 was a record year for U.S. home sales. According to a report by the National Association of Realtors (NAR), home sales reached their highest level in more than a decade, signaling a positive trend for the real estate market. In total, some 5.5 million residential homes, condos and townhouses were sold in 2016, which is up from 5.25 million in 2015. With home ownership strong and prices on the rise, there are many benefits of buying a home.
Nonetheless, many people are still hesitant to own a home, believing that renting is a better choice. While there are certain perks to renting, most financial analysts and real estate agents will agree that buying is the better choice, and here's why.
The Benefits of Buying a Home
The Housing Market is Improving
2006 was a bad time for the U.S. housing market, as many homeowners were forced to foreclose on their properties. And those who didn't foreclose saw their home's value plummet. However, the market has since changed direction, with home prices gradually increasing. According to USA Today, home prices are increasing at the fastest pace in three years. So, what does this mean for homeowners? It means that buying a home now is a smart investment, as the value of your home will continue to increase in the months and years to come.
Aside from the financial benefits it offers, there are other reasons to buy a home, such as privacy. When renting a home, your landlord can knock on your door at any time. Granted, there are laws restricting landlords from entering a tenant's property without reason. Nonetheless, many landlords will survey the outside of the home unbeknownst to the tenant. This isn't an issue when you buy a home, however, as you have full ownership and control over the property. You don't have to worry about a nosy landlord snooping around your home.
Another reason to buy your home is the simple fact that payments are more predictable than rental payments. Assuming you have a fixed-rate mortgage, you'll pay the same amount from month to month. In comparison, a landlord may jack up your monthly payments without notice unless otherwise specified in the rental agreement.
Furthermore, the interest on your mortgage payments and property taxes are tax-deductible, meaning you can write them off on your taxes.
This article was brought to you by Premier Island Properties - A full service real estate firm serving Hilton Head Island and Bluffton, South Carolina. For more real estate news, information, and interesting facts about the Lowcountry, please visit our website.
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