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Beyond the emotional benefits of homeownership, there are strong financial reasons to buy a home.
- A home generally builds equity over time through the combination of mortgage payments and appreciation.
- A portion of your mortgage interest and real estate taxes are tax-deductible.
- You may leverage your money — even though your down payment may be 20% of the home’s purchase price, you receive the full value of any appreciation.
- In many markets the cost of ownership can be less than renting.
- You may strengthen your credit with your ongoing and timely mortgage payments.
- You may pass on your home to your children.
And, as a homeowner, you are free to renovate, remodel, repair and repaint your property – you’re never dependent on a landlord to get the job done right.
Utilities
Utility expenses are a given, especially water, gas and electricity – and don’t forget your cable and Internet bills. Review your average monthly cost over the last year to help you estimate how much to put aside monthly.
Upkeep and Upgrades
Reserve time and money for upkeep inside and outside your home, from landscaping to flooring to appliances. Unless you have a green thumb and the desire and time for maintenance, hire a gardener to mow, weed, and care for beautiful flowers and shrubs.
Once you tally these costs, you may need to adjust your price range. This will make for a smooth and financially comfortable transition into your new home. Your Berkshire Hathaway HomeServices agent will help you each step of the way.
Have a firm idea of what you can afford.
Whether you’re a first time homebuyer or getting into your second home, when you begin your homebuying process, you need a firm idea of what you can afford and where your price point should be.
Property Taxes
Property taxes can significantly raise your monthly outlay and may slowly increase depending on a variety of local factors. Typically, a home is taxed on its assessed value, which is an amount equal to a fraction of its appraised value.