It may not have been possible for you to buy a Long Island real estate when you were single, but you have an advantage if you have a spouse or partner to share a home. You can combine your finances in order to manage the costs of owning a home. Home ownership has so much potential benefits like security and stability that you have not experienced before.
If you own a property, you have control to change what you want whenever you want to. For instance, if you want to repaint your living room, then you may do so. You can redo the landscaping if you wish to, and if you think that the tiles in the bathroom are boring, you can tear them out and replace them with something that you find really attractive. Best of all, you do not need to worry about being asked to move or being evicted just because your landlord decides to sell the Long Island real estate that you are renting.
The payment for your property taxes, homeowners insurance, and mortgage could add up to a sky-high amount of money each year. Here is the good news: you could deduct a part of your expenses. To obtain tax benefits, according to Internal Revenue Service (IRS), you should itemize all your taxes and meet the requirements for an amount that is above the standard deduction given by the government.
You can choose a fixed-rate mortgage so you would not have much trouble about being affected by increases like renters do. A property owner of a Long Island real estate could notify you of a rent increase, but a mortgage lender will not. Even if everything else is going up, such as food, gas, and utilities, you can be at ease because you have a fixed-rate mortgage. In case you do not have a fixed-rate mortgage, consider refinancing to protect yourself from changing interest rates. Take note that homeowners insurance, association fees, and property taxes – if you are paying any – could change on a yearly basis.
When you buy a home, it could help you build your roots in a community or neighborhood. You do not need to create plans regarding your annual lease or the potential sale of the home you are renting. Check out community groups you could join in and become acquainted with other couples who also own their homes. This might be the start of some great, long-lasting friendships.
When comparing the cost of renting against the cost of mortgages for a Long Island real estate, you would realize that a mortgage would be a better investment, especially if you choose a fixed-rate mortgage. Rental rates increase with the cost of living in the long run. But if you commit to a mortgage with low interest rates, you would have lower payments compared to renting a home with similar size. Even when you consider the costs of maintenance, taxes, insurance, and getting a loan, you may find that having a mortgage is better if you would stay in the property for several years. Moreover, you could make money from appreciation in the cost of your home if you decide to sell it in the future, which would not happen if you are renting. The amount of money you could make depends on different factors like the current real estate market and location of your property.
Sense of Achievement
Purchasing a property is one of the biggest acquisitions for a couple. Having your own Long Island real estate usually brings a sense of pride and achievement that you could turn a dream into a reality.