Sooner or later, the question comes up: should I buy a home? Homes tend to be the most important purchase someone can make, and cars follow closely behind. Similarly to cars, homes require constant payments. But unlike cars, homes are much more expensive and require mortgages. The big price tag tends to put fear in the hearts of many hopeful homeowners. Especially now, with student loans and other debts crushing down on young professionals, is it really a good time to buy a home? The answer is yes! Although the price may seem gargantuan at first, homeownership is actually beneficial to you, your family and the community!
Focus on Your Future
Before you go ahead with your decision, you need to make sure you’re ready to take this big step. There are many details you must keep in mind. When you buy a home, you need to have your future set and stable. On average, homeowners benefit greatly if they plan on staying in the same city for the next 3 to 5 years. If you can look ahead for a couple of years and your plans include you staying and living in the same city, then you may be ready to buy a home! The opposite side of the spectrum would be those who rent apartments through 6-month or year-long leases. If you’re someone who doesn’t like being tethered to a specific city or if you’re still trying to find your path in life, then it may not be the best time to buy a home.
Also focus on your family. Perhaps you’re single, perhaps you recently got married, perhaps you’re expecting a child. All of these points matter tremendously when you’re deciding on whether or not you should become a homeowner. Renting a home may be a great option for young families but if you’re planning on having several children, it’s often best to settle down and buy a home.
The Financial Benefits Are Incredible
Living in a small studio apartment by yourself or with a significant other might be fine and inexpensive but the moment you decide to start a family, you need to seriously reconsider your living situation. Yes, renting a bigger apartment or even renting a small home may be your first choice, but you must weigh the positives and negatives. If you’re only planning on having one or two children or if you’re planning on staying in town for many years to come, then you will benefit tremendously from owning your home.
Think about it: if you own a home, you are basically increasing your own value. When you rent, your money is basically just going toward the ability to live in your apartment. When you own a home, your monthly mortgage payments go toward you becoming the sole owner of the home and property. In addition, you’ll be able to deduct the interest and property tax portion of your mortgage from your taxes. In fact, the tax benefits that come along with homeownership tend to be what sway most people’s decisions.
Growing Families Deserve a Spacious Home
Families can particularly benefit from the additional tax deductions that come from having children. The combination of homeowner tax deductions and family tax deductions make living at home incredibly comfortable. Those tax breaks, on top of the home’s additional space, combine to make home ownership the best way to raise a family.
Now, we’re not saying that raising a family in an apartment is bad in any way. We’re simply stating that raising a young, growing family in your very own home will give you the space and peace of mind you might be hoping for. Think of your children and how they’ll spend their formative years. If they grow up in a house, in the same neighborhood and go to schools in the same district throughout their youth, you can bet that they’ll make lifelong friends and have wonderful memories of growing up in their own home.
Homes, unlike apartments, give you the freedom to personalize as much as you’d like. You can paint your son’s room in a “Star Wars” theme. Or let’s say your daughter has taken up painting but her room’s too crowded for a quiet painting nook. You can remodel a room to accommodate your daughter’s artsy side. You can also hire a contractor to add a new activity room to the side of your home. This would be completely impossible if you stayed in an apartment complex. When it comes to raising a family, instability and cramped living spaces are understandably something you don’t want.
Homeowners Help the Community
Whether you’re raising a family or you just want to settle down, home ownership is the way to go. Not only are homes great for you and your living situation, they’re also incredibly beneficial for the community! A recent study from the National Association of Realtors entitled “Social Benefits of Homeownership and Stable Housing” delves into this exact topic. Not only do homeowners reap financial gain from the appreciation in value of their homes, homeowners are also more inclined to participate and contribute to the overall quality of their surrounding community! Homeowners have been shown to be more politically active as well as more involved with volunteering. These two details translate to a better community. When you take part in your community, you become a part of the change you want to see.
Even your children help the community to benefit. Children of homeowners tend to do better in school. Children who grow up in stable housing can contribute to the community through volunteering or by being part of teams and clubs. Stable housing has also shown a decrease in teenage pregnancies! Again, this isn’t to say that families who live in apartments don’t help the community. Simply put, statistics have shown than homeowners tend to participate more in the betterment of their community.
And it doesn’t stop there. Since homeowners take pride in their home, neighborhood, and community, they will spend more time and money in maintenance. This, in turn, allows homeowners to contribute to the overall quality of their community. If your home requires any maintenance, you can seek out local contracting or maintenance companies. This will put money in the local community, thus helping local business to grow and thrive. If it’s within your financial means, there is truly no downside to becoming a homeowner.
The Importance of Being a Homeowner
Becoming a homeowner is vastly beneficial, for you, your family, and the community around you. It’s much more than a place of residence, a home becomes a source of pride, peace, and happiness. Buying a home in the El Paso area will give you the opportunity to grow and thrive in the community, as the community grows and thrives around you and your family!