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The Benefits of Buying Your Own Home

This is a sponsored post brought to you BHI. Explore the benefits of a newly built home. Learn more here.

My husband bought our current home a few years before we married. He was a bachelor and it was a great house for one. It was even great for three…but now that our family is growing, our house needs to reflect our growing family. We’ve been saving for a while and looking at our options. One thing is certain though – we will definitely be buying our next home rather than renting!

Benefits of Buying a HomePhoto Courtesy of FreeDigitalPhotos.net, editing by Mama on a Green Mission

The Benefits of Home Ownership

  • Investment – Seeing our mortgage statements on a monthly basis and seeing that our monthly payment is reducing our total due on our property is rewarding. We know that when that balance gets to zero we will own that home and it will always be an investment that we can either chose to sell or rent in the future: either way our family benefits.
  • One of my favorite benefits: I can decorate how I want and don’t have to get “permission” to paint, wallpaper, tear down a wall, or whatever I want to do! We are free to rearrange, redecorate, make additions, anything! I love it!
  • Tax Deduction – One thing, as an accounting person, I appreciate is the tax deduction we get every year for owning our home! We can all use a tax break, right? 😉
  • Stability – Renters generally have no idea where they’ll be living when their lease is up or what they’ll be paying a few years down the line. Home owners typically plan on staying in their home for some time. Also, with fixed-rate mortgages home owners essentially have the same payment for up to 30 years. Many times, it is less expensive to BUY than to rent an apartment.
  • Home ownership can really help improve your credit rating. Owning a home is one of the best investments and it looks great on your credit, provided you are making your payments on time.

We’ve been grateful for these home owner benefits since being married and living together. I don’t think we would ever go back to renting unless we faced some unforeseen circumstances. By choice, we’ll always be homeowners. As I said, with the additions (and wonderful blessings, I might add) of LA and Addy and thoughts of one more baby in the near future we are ready to make the move to a larger home. Our current three bedroom ranch is just not going to cut it. It’s not the home we want to live in for the rest of our lives. The time has come to start looking and we are really considering new construction because we are certain this next home that we purchase will be the home we live in for the rest of our lives.

Buying a New Construction Home

Our first home was not brand new, but it was a great home for our needs. We have been pleased with that purchase but this time around we just feel that new construction is the way to go.

Benefits of purchasing newly built homes:

  • Newly built homes allow you to trade your to-do list for a want-to-do list (no need to spend time on repairing, remodeling, etc.)
  • Newly built homes are more energy efficient
  • Newly built homes allow you to personalize it to fit your needs (choices are made during the construction phase before things are installed)
  • Newly built homes can save you time and money
  • Newly built homes are built for modern families, with open floor plans, more storage and more room to entertain and play, just what our growing family needs!

You can get more information on buying new homes by visiting BHI’s Start Fresh Buy New website.

What We are Doing to Make the Move

This move has been something we’ve been preparing a few years for. We knew there were goals that needed to be achieved in order to get everything in order to make this a smooth process. Here are the things we’ve done to prepare for buying a new home:

  • One main goal we had was to pay off our credit card debt. We have really been working hard on this and expect it be soon be GONE! 😉 We know that we need to lower our debt to income ratio in order to get a mortgage to cover the higher price we’ll be paying on a new, larger home.
  • Saving, saving, saving – we know we need a down payment to assist in our new mortgage so we are saving any way we can. I’ve been clipping a lot more coupons, we’ve been eating at home more often, and breastfeeding and using cloth diapers sure does help the savings, too!
  • Talk to your mortgage people and check your credit report! You want to have an idea of what you can do so you can prepare a budget. You’ll also want to check your credit report for accuracy as you don’t want to run into issues when you go to make this purchase.
  • Do your research! While you are preparing for your big move into a new home, research the areas, the schools, the location and what is nearby. If you are going to be living in this home for the next several years (or for us, the rest of our lives) you want to be happy with the location.

Can you think of additional benefits of home ownership? When thinking of the home you’ll be in for the rest of your life, would you want new construction or used? Which would be best for you?

I was selected for this opportunity as a member of Clever Girls Collective, and the content and opinions expressed here are all my own.

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Comments

  1. I bought my home right out of college because I knew with renting, I could never get that money back. At least with home ownership, I know I own my home and when I go to sell it, I’ll get the money back (and hopefully more!)

  2. We are also in the process of saving to buy a house– great tips! I’m a clipping mama! Major savings for a family of 6

  3. Brittney Minor says:

    My husband and I bought our first home right before we were married. It was brand new and we haven’t had any problems with the house. We have been here for 7 years! I do love the look of older houses though!

  4. We bought our home out of foreclosure and paid less than what most people pay for new cars. I’m glad we chose the path that we did. My parents bought their house when it was brand new and while it’s beautiful, I like my payment much more. LOL

  5. We rented before buying and I can honestly say I love owning our home more!

  6. We bought our home 5 years ago and it was such a good decision for us! Our house was built in the early 70’s, though, and we’ve already decided that our next house will NOT be a fixer-upper! 🙂

  7. Andrea@MommyPR says:

    We rented our apartment and have been home owners since we have been married. There is just something about owning a home of your own!

  8. Danielle @ We Have It All says:

    Ugh, I haven’t owned a home in 10 years. Got rid of mine back in 2003 and have been renting ever since… not smart. We are hoping to buy another next year or the year after – and I am leaning towards new construction or fairly new construction. I wouldn’t mind getting one up to 5 yrs old, but not old.
    Danielle @ We Have It All recently posted…#WIN “A Mama’s Heart Through DSLR” #Giveaway EventMy Profile

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