The Real Estate Browser Volume 11, Issue 1 | Page 11

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back as 1999. She explains that this
shows the “average month-over-month
change in median existing-home sales
price changes throughout the year.”
Keep this in mind while you balance
the pros and cons of homeownership
— if you wait until next year, you’re
likely to pay more.
“IF YOU’VE SEEN YOUR RENT
ESCALATE SIGNIFICANTLY BUT
YOU FEEL TRAPPED RENTING, IT
MEANS THE BALANCE MAY BE
TIPPING TOWARD BUYING.”
3. BUILD WEALTH
Owning a home is one of the
biggest steps you can take towards
increasing your net worth and build-
ing your equity. Many factors over
time will help contribute to your home
equity, such as the value of your home
rising, renovations made both to the
interior and exterior, and making your
monthly mortgage payments on time.
Rather than handing off all of your
monthly housing costs to a landlord,
you will now be saving a portion each
month considering your newly forced
savings. The equity you build can
assist you in the future, whether it be
for retirement, saving for your chil-
dren, or the possibility of moving into
a larger home or even purchasing an
additional home.
4. SECURITY AND FREEDOM
Being a homeowner offers a great
sense of security as well as freedom.
You’re welcome to paint your walls as
you please and let your furry friends
roam wherever they’d like, without any
pricey pet deposit. The days of waiting
for your landlord’s approval on some-
thing as trivial as a new doorknob are
over when you own your own home.
You want to feel comfortable and safe
in your house, considering through-
Volume 11 Number 1 – Say you saw it in The Real Estate Browser of Lynchburg — 11
out our lives we spend 33 years in our
beds! The elimination of inspections,
neighbor’s loud week-day parties
keeping you up, and the overall lack
of control in your building will allow
you to feel more at ease in your own
home; your safe place. The idea of hav-
ing to move is an immensely stressful
concept, in fact it often makes the list
of the top 3 most stressful events in
one’s life. The comfort of settling into
your home provides stability and most
likely means you won’t be moving any-
time soon, so get comfortable — you’re
finally here to stay! have a monthly housing payment.
Unlike renting, you will eventually pay
off your mortgage and your monthly
payments will be funding other (pos-
sibly more fun) things. Even if your
mortgage payments are a bit steep,
there is a light at the end of the tun-
nel. Each of your mortgage payments
are knocking down the price of your
home, and you can even use the equity
to fund your next house. While you do
have property taxes to keep in mind,
these are typically paid quarterly mak-
ing it much easier to budget and far
less of a headache.
5. TAX BREAKS 7. PREDICTABLE COSTS
After the slew of expenses that
come along with purchasing a home,
it’s nice to know there are benefits
coming your way. One huge benefit
being tax breaks. Both the interest and
property tax portion of your mort-
gage is a tax deduction. As long as
the balance of your mortgage is less
than the total price of your home, the
interest is 100% deductible on your
tax return. Considering your interest
is the biggest chunk of change when
it comes to your mortgage, this is a
gigantic relief. In addition to mortgage
interest, homebuyers also receive a
tax break when it comes to property
tax, especially first-time homebuyers.
Real estate property taxes paid for
your first home, as well as a vacation
home if you’re so lucky, are deduct-
ible for income tax purposes. You can
find more information on tax breaks
for first-time homebuyers in IRS
Publication 530. As a homeowner, your monthly
costs are most likely based on a fixed-
rate mortgage, which allows you to
budget your finances over a long peri-
od of time, unlike the unpredictability
of renting. Especially if you’re living
in an up and coming neighborhood,
you don’t have to wake up in fear of
being shooed out of your neighbor-
hood by a big real estate company
buying your building and raising your
rent, or the countless amount of other
circumstances that could increase your
annual rent.
6. YOU WON’T ALWAYS HAVE A
MONTHLY PAYMENT
If you’ve been a lifelong renter, this
may sound like a foreign concept, but
believe it or not, one day you won’t
The dream of homeownership will
always be a constant. Between more
privacy, security, flexibility, financial
stability, and pride, being a home-
owner has endless benefits. Renting is
a great option for many, but it doesn’t
offer tax incentives, fixed costs, or
building of equity, so while it is an
easier option to start with, it won’t
present prosperity for your future.
The question often asked is: when
is it the right time to take that step? Your
future is waiting for you, so maybe the real
question is: why haven’t you taken the step
towards homeownership yet?
Click on the Listing for photo tours and additional information for each property.