Becoming a homeowner after renting a home for a while can feel like a daunting possibility. However, there are many reasons why you should buy a home instead of renting.
While we are property management experts in Atlanta, GA, we can also help investors and renters buy properties. When renters decide it's time to go from 'tenant' to 'buyers,' we love helping them make that transition into becoming homeowners.
Why should you buy instead of rent? If you're considering the possibility of owning Atlanta real estate, read more here!
Reap the Tax Benefits
Homeowners benefit from additional tax benefits that renters simply can't take advantage of. When owning a home, you can deduct interest, property taxes, and some costs of buying a home. This can save you thousands of dollars each year when working through annual taxes. In
In addition, renters do not benefit from the appreciation of real-estate value. Houses have long-term stable growth in terms of price. In many markets, home prices increase steadily year over year. So when you get ready to sell your house down the road, you'll make money from a higher home value over what you paid for the property!
Stabilize your monthly housing costs by buying a home instead of renting a home. Rents rise over time while fixed-mortgage payments do not change.
If you're tired of dealing with rental rate increases when it's time to renew a lease or move to another rental home, buying a house and paying a mortgage is one way to avoid that problem every year. When interest rates decline, homeowners also have the opportunity to lower their mortgage payments by refinancing the home loan at a lower rate.
As you pay off your mortgage and build equity in your home, you may be able to access that equity in the future if you need it. Home equity lines of credit (HELOC) are one way to use your home's value as collateral for a loan, giving you cash when you need it. Many homeowners also use their home equity to retire debt or supplement their income in retirement.
When renters decide to buy a home, they can often save money in the long run. In addition to the tax benefits we mentioned before, homeownership provides stability in housing costs. Plus, you determine your homeownership budget and when you want to spend money on upgrades and repairs, rather than a landlord adjusting the monthly rent amount to cover these expenses on their schedule.
Whether you prefer downtown Atlanta or one of our suburbs, when you buy a home, you're able to choose the neighborhood that best suits your needs--and decorate your home however you see fit! While a lease agreement could prohibit you from making significant changes to a home (including painting a wall the color of your choice), owning your own home gives you the flexibility to paint, upgrade, renovate, and decorate in the ways that best suit your tastes.
Homeowners can also make updates to a house or property that delivers more privacy than they experienced when renting an apartment or a home in a neighborhood with noisy neighbors. For example, if you want to add a privacy fence or landscaping to shield your home from street or neighborhood sounds, you're free to do so!
Making friends with neighbors, then leaving the community at the end of a lease term becomes a thing of the past. One of the most wonderful things about owning Georgia properties is the sense of community it brings. Neighbors become long-term friends, and everyone looks out for one another. When something happens in the neighborhood--such as a crime or an emergency--everyone has each other's backs.
In addition, owning a home allows your family to build long-term relationships. Kids can enjoy going to familiar schools with the same friends year after year. Buying a house gives former renters a pride of ownership and the freedom to become a long-standing members of a community they love.
How Can Atlanta, Ga Renters Become Buyers?
If you're thinking about the end of your lease and your next move, it's an ideal time to consider buying a home in Atlanta. As property managers, we can help guide you to ending your lease appropriately. We can also help you look for a home to call your own. In some cases, a property manager might be willing to sell the home you've rented if it's a house and community where you'd love to stay!
Enjoy the Benefits of Becoming an Atlanta Homeowner!
We know renting is the ideal situation for many people, but sometimes tenants decide they're ready to leave renting behind and own a house instead. With so many benefits to owning Atlanta real estate, it's no wonder that more people are considering this option. If you've rented for a while and are ready to leap into homeownership, the real estate professionals of Revolution Rental Management are here to help! If you're considering becoming a homeowner in the future, let us know if we can assist with any of your needs by contacting our team today!
Learn more about becoming a homeowner when downloading our free guide, 'The Hidden Benefits of Home Ownership for Current Renters.'