Buying your first home in Albuquerque can change your life in so many ways. If you’ve been living in an apartment, there will be quite a few advantages that will make your life easier, such as having your own garage and laundry room, and not sharing walls with noisy neighbors. If you’ve been renting a home, you will probably feel a new sense of security and peace of mind once the mortgage is in our name. And wouldn’t it be nice not to have to ask permission just to paint a wall or adopt a new pet?
Here are a few positive ways that owning your own home in Albuquerque can change your life.
1. Financial Security
“The largest measurable financial benefit to homeownership is price appreciation,” said Investopedia. “Price appreciation helps build home equity.” Added Real Estate ABC: “The principle you pay on the mortgage is like putting money in the bank, in the form of equity.”
2. Peace of mind
Imagine not having to worry about renewing your lease and praying the rent doesn’t go up. When you own a home, your payments each month stay the same, unless you refinance or take cash out once you have enough equity.
3. Pride of ownership
There’s no substitute for owning your own home. It’s a lifelong dream that you’ve now realized and can take pride in. And as the years go on, you can make improvements as you see fit to continue to make it into your vision.
4. Stake in your Albuquerque neighborhood
Pride of ownership extends to the homes and area around your house as well. Whether or not you move to a neighborhood with a homeowner’s association, buying a house will undoubtedly make you more invested in what’s going on around you. And that can mean increased property values if neighbors band together for common improvements.
5. Increased interest in DIY projects.
When you own a home, you have full control of how your home looks. Not so when you rent an apartment or home, beyond how you furnish it. You may be allowed to paint a room in a rental, but you will probably have to repaint it back to the original color when you move.
6. Tax breaks
“The second largest financial benefit of owning a home is tax savings,” said Investopedia. “The biggest of these is the ability to deduct the annual interest paid on a mortgage from income. Private mortgage insurance may also be a write off, on addition to fees paid at closing. If you have paid points, either discount or origination, you can deduct these as well.”
7. Expert knowledge of interest rates, neighborhood home prices, and area sales trends
Buying a home in Albuquerque will no doubt keep you tuned into the local real estate market. This can help you to make smart decisions about updates, upgrades, and refinancing, and can also make you a trusted resource among your friends who want to buy.
8. More financial responsibility in other parts of your life
With a home to take care of, you may be more clued in to other long-term investments and less wiling to spend frivolously.
When you add it all up, there are plenty of positive ways that owning a home in Albuquerque will impact your life.
Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.
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