A few common questions make people hesitant to buy a home: What if I don’t want to live there forever? Isn’t it just cheaper to rent? How do I know when it’s safe to buy a house? The bottom line is that if you can afford it, buying a new home will always be worth it compared to renting.
There’s a perception that buying a home is a poor investment if you don’t stay there forever. In reality, just because you buy a home, doesn’t mean you have to die in it to get your money’s worth.
One of the main reasons for buying a home is such a great investment is because renting is such a poor alternative in terms of value. Paying rent is similar to paying a mortgage, except you’re likely paying someone else’s mortgage, plus a premium on top of it. The issue isn’t just about how much you’re paying, but what you’re paying for. The money you spend on rent vanishes from your hand each month.
Conversely, paying a mortgage means chipping away at an actual, concrete purchase. Even if you don’t live in your new home long enough to pay off the mortgage (this is usually the case), you still get to sell it. The money you spend renting never comes back.
Buying a home makes even more sense if you’re a veteran. The VA loan program empowers veterans to get more favorable terms from lenders, by guaranteeing part of the loan against loss.
VA loans also often don’t require a down payment. The down payment on a new home is perhaps the biggest financial barrier to homeownership, so many veterans eagerly take advantage of the VA loan.
If you’re an active member of our military, you might think renting is your only option. Not so! Buy a high-quality new home that you can enjoy while you’re stationed at Virginia Beach.
If you’re transferred later, simply rent out your home, and pay off your mortgage with your rental income. After completing your service, you could always move back here, or keep renting and hold on to this nest egg!
As a homeowner, you would qualify for certain tax benefits not available to those who rent. The IRS issues a standard deduction for homeowners every year, and it has been steadily increasing recently. We’re talking about reducing your taxable income by thousands. You may also be able to get an even greater deduction if you file an itemized version, depending on your specific financial situation.
One of the best parts about owning your home is being able to customize it. Have you ever hated the wall color in your apartment, but felt powerless to do anything about it? When you own, you’re allowed to paint the walls, rip out the carpet, put a pool in the backyard, or put a sauna in the basement. No more fretting over security deposits or whether or not it’s worth the trouble to decorate.
The environment we put ourselves in can affect our health and happiness. Taking ownership of that environment, making your home something you’re proud of, will pay dividends.
Bishard Homes can help you find the perfect home for you in Virginia Beach. Contact us to learn more about the value of buying a home.