Making the choice between purchasing or renting a home is a major decision that not only can impact your finances, but also your lifestyle. Many people struggle to decide if they should take the step to purchase a home or to continue to rent their residence. Even though it is a big commitment, owning your own home comes with many benefits. If you are interested in learning more about the advantages of buying your own home in the areas of Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, Foundation Mortgage can help.
The Benefits of Purchasing a Home
Being a homeowner offers many benefits, and the best way to determine if you are ready to begin the homebuying process is to analyze your current financial situation and lifestyle. One major advantage to owning your own home is that it will increase in value over time, (most likely), and your home equity will build up over time. Also, when you own your own home, you have the freedom to do whatever you want with your property, so you can remodel, renovate, have children and pets, and make a certain amount of noise as stated in your mortgage guidelines. When you own your own home, the interest you pay on your mortgage is tax deductible, so you will also receive tax benefits. When you own your own home, you will gain a sense of stability and will be able to have your own privacy.
Deciding Whether to Rent or Own
There are numerous advantages to owning your own home, but a buyer should be aware of the responsibilities and possible challenges that are associated with home ownership. There are several financial responsibilities that come with owning a home, including homeowner’s insurance, HOA fees, the cost of maintenance and repairs, and taxes. Additionally, you will be responsible for paying for a down payment and closing costs. Owning a home rather than renting can cause less flexibility in your lifestyle; for instance, if you need to relocate, the home will need to be sold, which can sometimes be a lengthy process. Due to the ever-fluctuating housing market, there is a chance your home could lose value on a sale depending on the worth of your home when you decide to sell.
Getting Help With Choosing to Buy a Home
Even though owning a home is a great responsibility, there are so many advantages that make it a worthwhile decision. If you are ready to make the decision to purchase a home in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, the loan specialists at Foundation Mortgage can help guide you through the process. Contact our office today to take the steps to own your dream home.