First time home buyer – Why buy a Metro Detroit home

The benefits of owning a Southeastern Michigan home

A Place to Call Your Own

Tired of living with your parents?  Tired of putting up with apartment complex rules and other rude tenants?  Are you ready to settle down in a community?  Do want to have the feeling of long term permanence that comes with owning your own home. Maybe you need more space for your family. Or maybe you want more freedom than you currently have at home or as a renter.   You want your own garage your own yard to hold barbeque’s..

Once an owner, always an owner:

After your first home most people buy up to another bigger and a better second home. Owning and being able to call a house your own offers a sense of pride and accomplishment.  “It’s your home”

Scheduled Savings

When you are a Wayne County homeowner, your monthly mortgage payments are basically a savings plan.  A forced saving plan.  Each month you are putting away money towards the principal.  As the time goes on your equity in the home goes up. Over time you will accumulate what lenders call “equity” an ownership interest in your house that you will be able to convert to cash by selling the house. On the other hand, renters continually pay rent to a landlord for as long as they rent without the opportunity to build up equity.  You are just throwing your rent money out the window each month.

Retirement Savings

If you are smart,  long-term Metro Detroit home ownership can provide retirement security when you pay off your house.  You can live rent free in your retirement or you can cash out.  Sell your home to help you live in your retirement years.

Another added benefit of owning a home, your credit rating will go up if you make your payments on time.  The longer you pay on time and the more the principal  goes down the better the score you get.

Stable Housing Costs

While apartment rents typically increase year after year, you can have a fixed payment for a long period.  You want to get a fixed rate mortgage.  With a fixed rate mortgage, the principal and interest portion of most mortgage payments remains unchanged for the entire repayment period.

 Tax Benefits

Wayne County Homeowners are eligible for significant tax advantages that are not available to renters. Most important, the interest paid on your home mortgage usually is tax deductible and can reduce the  amount you pay in federal income taxes each year.   Many times there are tax deductions for improvements you do to the home.

Increased Value of your future Metro Detroit home

Metro Detroit home valuesusually increase in value over time.   For many years investment in real estate was a great return for the money invested.  In the last few years we have undergone a down turn.  But over the long run Metro Detroit Home home values have increased.

 So if you are thinking of buying a home I don’t think you will regret it.  The feeling of owning something that nobody has control over, is one of the greatest feelings in the world.

For more first time home buyer tips check out my website Wayne and Oakland County real estate

 search Wayne County homes for sale

 

 

 

 


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