Young adults today move a lot more frequently than previous generations. However, when young people finally decide to settle down, they’re more likely to settle down for life. That’s why more and more young buyers are entering the ealtor.org/field-guides/field-guide-to-listing-selling-luxury-properties” Title=”Find more information related to Buying a condo”>real estate market this year. Of all the prospective homebuyers on the market today, over half (52%) are first-time buyers, 33% of which are between the ages of 25 and 34 years old. Moving to a new place can be exciting but it can also be stressful. If you’re unsure about where you’re planning on moving to, you should take some time to consider the advantages of buying as opposed to renting property.
Here are some of the reasons buying a new house can be much more beneficial.
Freedom to do anything with your property
If you want to actually made additions or improvements to your property, you should look at luxury homes for sale and forget about apartment buildings altogether. With a custom house or condo, you will have so much more freedom to change certain aspects of the property that you wouldn’t otherwise have if you were a renter.
Build relationships with your neighbors
Renting doesn’t allow you to bond with your neighbors as much as owning real estate does. Renters just keep to themselves and never communicate with the people around them. As a homeowner, however, you’ll be able to build quality relationships and develop a strong sense of community. There are annual fairs and other wonderful events that you will enjoy participating in if you are a homeowner within a vibrant community.
You’ll save on your taxes
Renters simply don’t have too many tax benefits compared to homeowners. If you own a prime piece of real estate and handle your taxes properly, you can end up saving a significant amount of money each year on your taxes. Rather than renting and having to potentially pay on federal taxes during tax season, enjoy the comfort of your own home as you also save some cash on your taxes. Simply itemize your federal income taxes and deduct mortgage interest and property taxes, doing this will reduce your overall income tax burden. Make sure to consult with a tax professional if you want to learn more.
You’ll save more money the long run
Not only does owning a home act as your own personal savings account, because you’ll be paying down the mortgage and increasing your equity every month, but owning a home actually costs less than it would to rent over an extended period of time. Sure, if you plan on relocating every year or two, renting is obviously a better option, but if you plan on staying in the same community for a while, and want to save a lot of money, checking out new houses and buying a new home is your best bet.
You deserve better than some rented piece of property. If you’re in it for the long haul, find a realtor near you and start hunting for the home of your dreams!