Did you know that there are tons of benefits to owning a home versus renting one?! That's right. Even those that are worried about mortgage payments and budget issues will find that there's benefits for everyone buying a home in Raleigh NC!
We mentioned in our last post that one of the biggest reasons people worry about buying a home in Raleigh NC is how much it might cost them. There are a few variances; location, size of the home, and comparable homes in the area, but you can usually find a home that will fit your needs and financials.
How much can you afford to spend on a home? | Roark Premier Team
In general, you could spend as little as 20 to 25 percent of your income per month, on housing and the utilities it takes to power it. Many homeowners allot at least 35 percent of their incomes to housing.
Below, you'll find a few more benefits that come with buying a home in Raleigh NC rather than continuing to rent a home. If you have any questions about home buying, feel free to contact Roark Premier Team, soon!
Benefits | Buying A Home In Raleigh NC
Buying a Home is Cheaper in the Long Run. According to Forbes.com, In the first few years, it may be cheaper to rent. But over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, you are not throwing away all that money on rent. You gotta live someplace, so instead of paying off your landlord’s home or building, pay off your own!
Home Equity Lines. Also according to Forbes.com, In addition to your mortgage interest, you can deduct the interest you pay on a home equity loan (or line of credit). This allows you to shift your credit card debts to your home equity loan, pay a lower interest rate than the horrendously exorbitant credit card interest rates, and get a deduction on the interest as well. You can even use the home equity line to remodel your home or add on, as well!
Other benefits include:
- Property Tax Deductions
- Home Appreciation
- Mortgage Interest Deductions
- Preferential Tax Treatment
- Capital Gain Exclusion
- Equity Loans
Buying a home offers many benefits to first time home buyers. If you're still worried about purchasing your first home, visit back with our blog soon. Our Raleigh real estate agent will offer a few more tips and benefits for those contemplating purchasing a home for the first time!
If you’re considering buying a home in Raleigh NC, contact our real estate agent at Roark Premier Team, today! It's time to get started with the process of searching for your dream home! We will work with you, until you find your next home!
So what are you waiting for? Call now! At Roark Premier Team we have Raleigh real estate agents standing by to help you get your home sold during one of the busiest times of the year for real estate!