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The 5 Greatest Benefits Of Owning a Home

by Sarah Wood

Are you still sitting on the fence about buying a home in Southeast Georgia? If you are considering buying your first home, the thing to remember is that there are definite benefits to owning a home. According to a Freddie Mac report, here are the five benefits that “should be at the top of everyone’s list.”

  1. Homeownership can help you build equity over time.
  2. Your monthly payments will remain stable.
  3. You may have some tax benefits.
  4. You can take pride in ownership.
Let's look at these point deeper.

Homeownership can help you build equity over time.

According to the Federal Reserve's Survey of Consumer Finances, they report that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

Your monthly payments will remain stable.

If you puchase a home using a fixed rate mortgage, the majority of the payment remains stable, as opposed to rent prices that can rise at any time.

You may have some tax benefits.

According to the Tax Policy Center’s Briefing Book -“A citizen’s guide to the fascinating (though often complex) elements of the federal Tax System” – there are several tax advantages to homeownership.

Here are four items from the Briefing Book:

  • Mortgage Interest Deduction
  • Property Tax Deduction
  • Imputed Rent
  • Profits from Home Sale
You can take pride in ownership.

Let's be honest, this is the main reason people buy a home. It's yours. You can do whatever you want to with it. So take pride in your home!

Tips For First Time Home Buyers

by Sarah Wood

If this is your first time buying a home, then you surely know already there's much to consider.  The buying process is complex and can vary depending on where you live.  But when you get down to it, there's a few basic steps to consider when buying a home for the first time that will significantly help you during the process.

Hire an Agent

Sure we're going to say this!  But it really does make a significant difference.  Real estate agents know the business, the ins and outs. Sure you can buy a home mostly on your own online. But an agent will mostly save you time and energy.  They know what's on the market, and can even know what's coming on the market before they're listed. An agent also can tell when a listing is overpriced and can help negotiate for the home you want. They can also send you listings that fit exactly what you're looking for.

Find the Right Home

This really is not as easy a task as it sounds.  Find a home can be overwhelming.  So pace yourself.  Try to keep your viewing of homes below 7 at a time, or else you start getting bogged down.  Also make sure to research the neighborhoods where you want to live.  Once you pin down the ideal neighborhood, that will help you hone down the exact home to fit your needs.

Get Pre-Approved

This isn't a must, but it certainly helps.  When you walk into an offer with a promise that you can get a loan, it will help the negotiations significantly.  Some sellers won't even look at an offer if they aren't guaranteed you have the money.  And during the summer when there's more competition for homes, you need an edge.

Of course this isn't everything to consider, but it will help you get a good start on buying your first home.  And of course, we're here to help. Give us a call at 912-673-7373 to see how we can make your first time home buying experience in Southeast Georgia go more smoothly.

What's the Cost of NOT Owning a Home?

by Sarah Wood

It’s a well-known fact that owning a home has many financial benefits.  Even so, many people still rent.  So let’s take a look at the reasons why owning a home in Southeast Georgia can benefit you financially in the long run.

It was recently reported by Zillow that:

“…it turns out that renters currently paying the median rent in many markets could afford to buy a higher-quality property than the typical (read: median-valued) home without increasing their monthly expenses.”

But where’s the proof that owning a home really is better than renting? Trulia recently pointed out in their latest Rent Vs. Buy Report 5 financial benefits of owning a home:

  • Mortgage payments can be fixed while rents go up.
  • Equity in your home can be a financial resource later.
  • You can build wealth without paying capital gain.
  • A mortgage can act as a forced savings account
  • Overall, homeowners can enjoy greater wealth growth than renters.

Studies also show that a homeowner’s net worth is 45x greater than those who rent! People also argue that homeowners have to pay taxes and for home repairs.  True, but so does your landlord, and therefore, so do you if you rent.

In the end, owning a home will always be a better financial choice.

Displaying blog entries 1-3 of 3

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Magnolia Realty, Inc.
2353 Village Drive
Southeast GA 31548
912-673-7373