Many people who are renting homes or apartments in Brevard County want to eventually qualify for a Brevard County mortgage and buy their own homes. There are many benefits to owning a home, even beyond having a place to live.

It’s a Good Investment

According to Zillow.com, Brevard County home values have increased by 11.4 percent over the last year and are projected to continue to increase by 4.1 percent next year. That’s a significant return on your investment.1 Furthermore, when you’re paying for a home, you’re building equity every time you make payments. Renters aren’t accumulating any wealth. When it’s time to sell, your options for a new home will be much greater than if you would have continued renting.

It Gets Easier

Mortgage payments typically don’t increase, as long as you have a fixed mortgage. Rent, on the other hand, tends to go up steadily. In that case, even if you’re making more money, you’re paying more in rent. Because mortgages are steady, they are easier to plan for. As you grow in your career, paying for your home will likely take up a smaller portion of your budget.

It’s Yours

There is nothing like putting your personalized touch on the property you are living in. If you want to redecorate or renovate, that’s up to you, not your landlord. If you have specific preferences, like taller countertops or a walk-in shower rather than a tub, nothing will hold you back from implementing them.

It Provides Tax Breaks

In general, mortgage interest is tax-deductible, and mortgage insurance and property taxes may also be deductible, reducing your tax bill. Also, the tax breaks are bigger in the early years of your mortgage when you’re paying more interest.

It Improves Your Credit

Landlords don’t often report rental payments to the major credit reporting agencies, but regular mortgage payments will drive up your credit score. When purchasing other items, like a new car, your credit will reflect your responsible mortgage-paying habits.

If you’re currently renting but want to experience the benefits of home ownership, call Embrace Home Loans at 407-733-6425. We’ll work with you to qualify you for a Brevard County mortgage and help get you into a home you love.

1 http://www.zillow.com/brevard-county-fl/home-values/