You may be wondering if you should take the initiative to stop renting and buy your first home. Well, here at Homestar Financial Corporation, we are your trusted Newnan Mortgage Lender, and have created a list of the top 5 reasons you should buy instead of rent.
1. Artistic Freedom:
Have you ever wanted to paint your bedroom a unique color but never could because you would be fined by your landlord? Well as a homeowner, you have the artistic freedom to change your home any way you would like. You no longer have to get permission to make changes in your home, and can alter, fix, and decorate however you want.
2. More Privacy:
By becoming a homeowner, you will receive more privacy. You will no longer have random checkups by your landlord, and you will have the freedom to schedule maintenance appointments whenever you want.
3. Tax Deductions:
Tax deductions is probably one of the biggest perks of homeownership. You will be able to deduct your Newnan mortgage interest payments, your property tax payments, and other expenses from your federal taxable income. Whereas if you rent, that money you pay monthly will never be seen again, nor will it give you any added benefits.
4. Automatic Savings:
Buying a home means you automatically have a savings. Home’s appreciate in value overtime, therefore your home will become more valuable throughout the years. In addition, the more you pay towards your mortgage, the more equity you have in your home. Equity is the difference between your mortgage balance and the home’s value. You can access your equity to pay for whatever you like, such as: more real estate, home improvements, education, pay off loans, or go on a dream vacation.
5. Payment Stability:
A renter has the right to increase your monthly rent, annually. This means you can end up spending more money every year, which makes it harder for you to budget accurately. If you obtain a fixed rate on your Newnan mortgage, your monthly payments and interest rate will never change throughout the duration of your loan. You will then know exactly how much you owe and how long it will take you to pay off.
For more information on the benefits of homeownership, or to get started on your mortgage application today, please contact your Newnan Mortgage Lender. Our team at Homestar Financial Corp. would love to work with you and help finance your dream home. So don’t wait, call our office today at 404-597-5662 to get started.