You’re looking to buy your very first home – congratulations! It’s a big step that can feel very exciting, yet also intimidating. Cornhusker Bank is here to help relieve some of that stress. A common question we get from first-time homebuyers is “What are the benefits of buying a home?”
No More Landlords
When you’re renting, you are at the mercy of your landlord to a certain degree. They own the property so they determine quite a few living regulations such as what pets you can have, if rent will increase year to year, or if you can nail a picture frame on the wall. When you own your home, you can be in the driver’s seat and make most of these decisions yourself. Get all the dogs and hang all the pictures you desire!
Mortgage Tax Deductions
A benefit you don’t get while renting is certain tax benefits. When you finance a home, you can often deduct the mortgage interest and property taxes on your income tax returns. Learn more about which types of loans are deductible, and always speak with a tax advisor to talk about your exact tax deduction options.
Saving Money on Monthly Payments
For some people, renting makes sense for a number of reasons; for location, lower responsibility and work level, or for monetary reasons. However, buying may help save you money in the long run. Instead of your monthly living payments going towards paying off someone else’s home or building, it will now go towards your own property! Also sometimes your monthly mortgage payment would actually be less than your rent payment, especially overtime. While buying isn’t right for everybody, it could be a good investment for you. You can even use one of our calculators to help figure out if you should rent or buy a home. It figures out all the fees, taxes, and monthly payments you would have to help you make the best financial decision.
If you’re thinking of buying your first home, there is a lot to consider. If you have questions about home loans and would like to speak to a mortgage specialist, feel free to contact Cornhusker Bank.