Why? In today's housing market, there are clear financial benefits to owning a home. Increasing equity, the chance to build net worth, and appreciating home values are just three of those reasons. Let's look at them.
You won't always have a monthly payment. As a homeowner, you will eventually eliminate the monthly payment you make on your house. That's a big factor in how homeownership can drive stability and savings in your life. When you pay rent, that money is gone but a mortgage payment builds the value you have in your home. Your monthly housing costs begin to work for you as forced savings in the form of equity. When you build equity, you can continue to reinvest those savings and the possibilities are endless.
Homeownership is a tax break. Property taxes are deductible, as is the interest you pay on your mortgage. It's one thing you definitely don't get when you're renting. Be sure to work with a tax professional to get the best possible benefits on your tax return.
Your monthly housing costs are predictable. Inflation, competition and rising property values will cause rent to go up. With a fixed-rate mortgage, you can budget your finances over a longer period of time, because the amount doesn't change from month to month.
If you're ready to start feeling the benefits of stability, savings, and predictability that come with owning a home, call Veta to determine if buying a home is right for you.
Veta the Realtor