10 Reasons To Buy a House When Your’re Young [INFOGRAPHIC]

INFOGRAPHIC

There are many reasons and benefits to buy a home especially when you are in your younger years if done when you are financially ready.

If you are in your 20’s or early 30’s and are considering home ownership it is a good idea to reach out to a real estate agent that has your best interested in mind along with a mortgage lender to get yourself and family HOME PURCHASE READY!

TOP 10 REASONS TO BUY A HOUSE WHEN YOU ARE YOUNG

1. INVESTMENT: Real estate has proven over time to be one of the best investments anyone can make. Real estate is an appreciating asset that provides tax advantages which in turn creates a great investment. A homeowner’s net worth is 36 times greater than a renter’s net worth.
2. APPRECIATION: As you are living in your home and paying your mortgage not only are you paying down your mortgage your home is typically appreciating in value. If you are going to be paying for a roof over your head it is smart to own a home so not only can you have a place to live put you are living in an appreciating asset. Check out an article written by Harvard Univerity about why owning a home makes sense financially.
3. TAX BENEFITS: There are tons of tax benefits to owning a home. First is that you get to deduct the interest expense off on your taxes. A second huge benefit is that if you own your home for 2 years and sell it you DO NOT have to pay capital gains. It is a tax “loophole” gift from our government.
4. FORCED SAVINGS: Many people have trouble saving but have to make a housing payment. Owning a home can overcome people’s tendency to defer saving to another day. Each time you make a mortgage payment a portion of your payment is applied to the principle which is a forced savings plan. Check out how over 10 years you would come out $152,830.71 ahead if you buy vs rent.
5. BUILD YOUR EQUITY: Equity in anything is a good thing. Equity in real estate happens a couple of different ways. One way is home appreciation and the other is when you pay down your mortgage a portion goes to principle reducing your debt service. These two things combined is what makes homeownership a reason to do when you are young.
6. PAY YOUR MORTGAGE AND NOT YOUR LANDLORDS MORTGAGE: How owners pay debt service to pay down their own principal while households that rent pay down the principle of a landlord. Rent vs Buy either way you’re paying a mortgage
7. RENTAL INCOME: Buying a home when you are young is often times a stepping stone to many other financial opportunities. At some point, you may outgrow your home. Keeping the home as a rental and collecting rental income for years to come can we be a wise and profitable choice for some.
8. PRIDE OF OWNERSHIP: There is nothing better than a price of ownership. A place to call your own.
9. RESPONSIBILITY: With ownership comes responsibility and with responsibility it allows younger people to build confidence and knowledge.  With confidence and knowledge, it can catapult you to bigger and better things.
10. STABILITY: Owning a home not only creates financial stability it also creates family stability. If you rent you never know when your landlord will not renew your lease or if the rent will be raised on you which creates instability. Owning a home you have complete stability in knowing what your payment is and knowing you do not have to move.

PS: Buy or sell a house with us and you get to use our Moving Truck for FREE! 

Tags: Buy Tucson Home, Tucson Home Buying