Information For Home Buyers
Since 2001, Ryan Hill Group has helped thousands of homebuyers with their real estate needs in the Chicago Metro Area. We know that making a decision to buy a house in Naperville or the surrounding western suburbs of Chicago is a huge step for you and your family. Homeownership in our Chicago communities is part of the American Dream. We congratulate you on your decision to buy vs. rent. Be assured, you will receive the very best service incorporating our expertise and knowledge to make the process understandable, hassle-free and a pleasure for all involved.
Learn about Ryan Hill Group's exclusive Dream Home Finder Program today!
The Advantages of Home Ownership
Purchasing a home is one of the most important decisions of your lifetime. It is easy to become overwhelmed at the idea of finding, purchasing and finally owning your own home.
Following are some good reasons why owning your home can be one of the best future investements you will ever make! Instead of paying someone else’s mortgage you can build equity in your own future!
- It will be yours. The freedom of owning your home cannot compare to the restrictions that renters experience.
- Lifestyle. Homeowners are different from renters. When you live in a neighborhood or complex that is primarily owner-occupied, your neighbors, like you, have invested in and care about their property. Naturally, they are willing to invest time, money and effort to improve their property and community, which in turn, improves the value of your property.
- Freedom from rent increases. Over time rents tend to rise. If you have a fixed-rate mortgage, your payments of principal and interest remain the same.
- Building equity for the future. Rental payments are gone once you have made them. But, with each mortgage payment you are buying something tangible, building up equity in your home. The longer you own the home typically the larger your equity.
- Keeping up with inflation. A home is an investment that helps you keep up with inflation. Real estate has historically kept pace with and usually appreciates faster than the rate of inflation.
- Stability. As long as you make your mortgage payments on time, you can live in your home for as long as you wish. Your landlord will not have control over the sale of your home.
- Security for retirement. Unlike rent which goes on forever, the mortgage on your home will be paid off someday, providing you with rent-free living for your retirement.
- Income tax benefits. Interest paid on a mortgage incurred in buying your primary residence is deductible. In the early years of your mortgage, most of your payment is interest. Remember that real estate taxes are also deductible. Later on, should you decide to take advantage of the growing equity in your home by taking out an equity loan, that interest may also be deductible.
- Leveraging. When you purchase your home you are leveraging your money. With as little as 5% down you can acquire 100% ownership, a great return on your investment!
- Payback on improvements. A renter typically gets no financial benefit from any of the improvements they make on the property, either to the home or yard. But as a homeowner, you can realize some or even all of the costs (and maybe even a profit) from improvements when you sell.
- Trade-up value. Even if your first home isn’t your dream home, you will be working your way up to it. With appreciation and the possibility of a return on improvements, it may provide you with enough equity to make a down payment on your dream home later.
- Investment property. For some, second single-family homes or condominiums are proving to be good income investments and tax shelters. You will be realizing profits and tax benefits from renters who may not be in a position to buy a home.
When you’re ready, our expert REALTORS® will help you through the selection and buying process. Ryan Hill Group's real estate agents serve home buyers and investors in Naperville and its surrounding communities in DuPage County, Cook County, Kane County, and Kendall County.
Get a FREE copy of our home buying guide -- written by Teresa Ryan specifically for homebuyers in Chicago's western suburbs!