Advantages of Buying a Home
Purchasing a Home
Buying a house for most is the American dream, but with today’s economy many people are unsure if the dream can be obtained. The main concern for most people would be the financial responsibility. Many people believe that the financial responsibility is overwhelming and they are just not ready. Although some people believe they are not financially ready to purchase a home, buying a house is a better option than renting an apartment for three main reasons. First, becoming a first time home buyer can be a very exciting experience that can have a positive long-term effect on some one’s life. Second, a home buyer can make any modifications or changes to a home. Third, and most important, you will eventually own your home. With those three examples, I will show the advantages of buying a house over renting an apartment and the tax advantages as well.
The first benefit to purchasing a home verses leasing an apartment is that first time home buyers typically obtain incentives or rewards for being first time home buyers. When the home buyer is purchasing a recently built home, typically the builder will give little incentives such as a gift card to purchase new items for the home, appliances in the home, or even interior upgrades to the home. In recent years, there was a huge increase in the home buying market. This was the first time home buyers tax credit approved by the federal government. According to "About Incentives For First Time Home Buyers”, “In 2008, the American Housing Rescue and Foreclosure Prevention Act gave a tax credit of $7500 to new home buyers. The government passed this credit to give a new impetus to the housing economy” (para.2). Although apartment renters may receive an incentive for moving into an apartment, the sense of accomplishment and pride of becoming a first time home owner is priceless.
Another advantage to buying a home verses renting an apartment would be the modifications or changes you are allowed to make. A few
Buying a house for most is the American dream, but with today’s economy many people are unsure if the dream can be obtained. The main concern for most people would be the financial responsibility. Many people believe that the financial responsibility is overwhelming and they are just not ready. Although some people believe they are not financially ready to purchase a home, buying a house is a better option than renting an apartment for three main reasons. First, becoming a first time home buyer can be a very exciting experience that can have a positive long-term effect on some one’s life. Second, a home buyer can make any modifications or changes to a home. Third, and most important, you will eventually own your home. With those three examples, I will show the advantages of buying a house over renting an apartment and the tax advantages as well.
The first benefit to purchasing a home verses leasing an apartment is that first time home buyers typically obtain incentives or rewards for being first time home buyers. When the home buyer is purchasing a recently built home, typically the builder will give little incentives such as a gift card to purchase new items for the home, appliances in the home, or even interior upgrades to the home. In recent years, there was a huge increase in the home buying market. This was the first time home buyers tax credit approved by the federal government. According to "About Incentives For First Time Home Buyers”, “In 2008, the American Housing Rescue and Foreclosure Prevention Act gave a tax credit of $7500 to new home buyers. The government passed this credit to give a new impetus to the housing economy” (para.2). Although apartment renters may receive an incentive for moving into an apartment, the sense of accomplishment and pride of becoming a first time home owner is priceless.
Another advantage to buying a home verses renting an apartment would be the modifications or changes you are allowed to make. A few
References: Before You Buy a Home - Look at Eight Reasons to Buy a Home. (2011) http://homebuying.about.com/od/buyingahome/bb/buyhome.htm