June is National Homeownership Month — a time to highlight the benefits of owning your own home. Homeownership is a dream for many Americans, and our real estate agents here in Chicagoland are dedicated to making that dream a reality.
Nothing gives us greater satisfaction than helping someone become a homeowner. If you're thinking about buying a home — especially if it's your first home — you might find yourself both excited and overwhelmed. Read on to learn more about the benefits of homeownership, and consider whether becoming a homeowner is the right path for you.
A Sense of Stability
Owning your home creates a true sense of stability compared to renting. Gone are the days of worrying about rent increases, bowing to your landlord's demands and worrying that you'll be evicted over a late payment or rule violation. When you own your home, you can't be priced out of your local market. That gives you better stability and control over your future.
Creating Equity
One of the great advantages of being a homeowner is building equity. With every payment you make toward your mortgage, you're building equity (as opposed to making rent payments, which only help your landlord pay off their mortgage). This is a financial boost that can help you with your future goals down the road.
Tax Benefits
There are some significant tax advantages to buying a house. If you itemize your tax return, you can deduct your mortgage payments and property taxes. This is especially advantageous in the early days of paying off your home loan when most of your payments go toward paying off the interest. Be sure to talk to an accountant about whether itemizing your tax return is the right move for you. An added benefit of using all or part of your home as a rental property is that you can write off certain other costs, like maintenance and repairs.
Pride of Ownership
Many of the benefits of owning your home are financial, but not all. There's no way to put a price tag on the pride that comes with homeownership, but it's valuable all the same. The sense of accomplishment one gets from becoming a homeowner is hard-earned and well-deserved.
Building Generational Wealth
For many families, buying a home isn't just a step toward greater financial freedom in the short term. It's also an investment that can begin building generational wealth throughout your family's future. A home is something your children can inherit from you and their children from them. Given the rate at which property tends to appreciate, it could be worth even more to them than it is to you.
Control Over Your Space
As a homeowner, you get to create the home that you want to live in. You have the freedom to decorate, renovate and personalize your home in any way you see fit. You don't have to ask a landlord's permission to repaint your living room or worry about losing your security deposit due to your modifications. Your home is entirely your own.
Potential for Passive Income
Owning a home means you can rent out all or part of that home if you so desire. With a tenant of your own, an extra unit can become a steady source of income. Many homeowners are able to make their monthly mortgage payments entirely from the income they get from renting a portion of their home.
Contact us today to learn more about celebrating homeownership in Chicagoland! Countless families have found their dream homes in the Chicago area, and we're here to help you find yours.
