People often ask why buying and owning your own home is so important.  After all, if you lease or rent, you have a home in which maintenance, indoors and out, is not your problem.  If the refrigerator gives out, the landlord is forced to replace it, not you.  If the plumbing acts up, again, the landlord must deal with it.  Granted, rents in southern NH are high, but given that there is so much less to worry about when compared to owning, why would anyone want to own their own home?  Here are a few excellent reasons:

Equity.  When you pay your landlord, that money is gone to you forever.  When you own a home the mortgage payments allow you to build equity ownership interest - every dollar applied to the principal of the loan is a dollar in home equity.

Savings.  By building equity in your home, you are creating a form of savings.  If and when you decide to sell your home, the government allows up to $500,000 in capital gains before owing taxes on the money - more money saved.

Gains.  While there are no guarantees that your home and property will appreciate in value, a five-year study found that the overall national home price rose 5.4% annually.  In 2001 the National Association of REALTORS determined that the average homeowner has about $50,000 of unrealized gain in their home.  That’s a lot of money.

Tax Breaks.  Uncle Sam allows homeowners to deduct the interest, property taxes, certain home improvements and other costs associated with purchasing a home.  The more deductions you can claim, the less you pay in taxes, the more money stays in your pocket.

Freedom.  This is your home and your property.  You can do with it as you see fit.  If you want a shed, put up a shed.  If you want to take down a wall to expand a room, do it - this is your home and you can do as you please.  A landlord might not appreciate that.

Predictability.  Those who rent or lease know that rent goes up, never down.  Rent for tiny studio apartments have risen to exceed the mortgages on some homes.  Mortgages will never go up and may, in fact, go down over the life of the loan.  Your property tax and your home's insurance may go up, but not your mortgage.  This gives a certain financial predictability and stability to your family.  Speaking of stability…

Stability.  Raising a family in the same neighborhood over the long term can be very beneficial, especially for children.  Putting down roots lets your children (and yourself) establish long-lasting friendships and actually become an active part of your community.  When you own a piece of it, your community becomes much more important to you.

Buying your own home has countless benefits for you and your entire family.  However, the process of finding and purchasing your new home can be a bit overwhelming at times.  At Jim Miller Coldwell Banker Residential Brokerage we focus on helping first-time buyers and those who aren't familiar with the New England area or the southern New Hampshire region.  If you're interested in purchasing a new home in southern NH, don't hesitate to call Jim at (603) 801-3987 for a no-pressure discussion of what you're looking for in a new home.  We'll be happy to answer any questions and show you the many wonderful properties currently listed for sale in the beautiful Granite State of New Hampshire.