If you're looking for a home, renting can be an appealing option: you don't have to worry about maintenance, and you'll never be "tied down" to an area or building. But there are plenty of other reasons why buying a home makes sense. Buying a home is likely the biggest purchase you'll make in your life. Whether it's your first property or your tenth, a home is much more than four walls. A home represents stability and growth — protection against rising costs and gives you the space to stop and breathe. At Burns & Ellis REALTORS®, we are here to help when buying a home in Dover, DE. We will answer any questions and help ensure you get into a home that’s right for you. Contact us today to get started!
Why You Should Buy a Home in Dover, DE
Build Wealth & Equity
Owning a home builds equity over time — as long as you pay down your mortgage and don't refinance into one with higher rates. If you can afford your mortgage payments and keep the house maintained, its value will increase over time due to inflation and appreciation.
When you buy a home, you're investing in real estate. The value of your property increases as time goes on and as more people want to live in your neighborhood. When you sell your home at a higher price than what you paid, you'll make a profit on your investment that you can use to buy a new house or rental properties. This will help increase your net worth over time.
Many tax deductions are available for homeowners that are not available when renting. These include mortgage interest and property taxes each year (which can be significant depending on the amount borrowed), points paid at closing, and repairs made to keep your property maintained over time.
No More Rent Payments
One of the benefits of buying a home is no more rent payments. Renters typically pay around 30% of their income for housing costs. But as soon as you buy a house, those costs disappear, and you start building equity in your home instead of giving it to your landlord monthly.
Freedom to Renovate
If you're looking for a place that needs some work, you can make any changes without worrying about getting approval from your landlord. You can knock down walls, renovate your kitchen, or paint anything you want. You also can fix up your home over time as money allows, which helps to increase its value.
Privacy & Security
You have the privacy and security of owning property instead of renting from someone else. A property owner has more control over who comes onto their property than renters who have no authority over who enters their apartment building after hours when they live there full time. They cannot establish set hours such as 9 AM to 5 PM, Monday through Friday only.
Pride of Ownership
When you own a home, it's all yours. You can modify it as much as you want, and no landlords or property managers are telling you what color to paint the walls or what kind of landscaping to install. You can also take pride in knowing that your hard work paid off by building equity through monthly payments on your mortgage, which will add up over time and make your house worth more than when you first bought it.
Start the Home Buying Process Today
Buying a home is one of the most significant decisions in your life. While buying a home may be tough, at Burns & Ellis REALTORS®, we will do everything we can so you have all of the information and can make an informed decision for yourself and your family. Please contact our office if you have any questions or would like to see specific homes in Dover, DE.