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It's a bold statement, we know; but did you know that owning a home is the 3rd best investment you can make this year, according to Forbes Magazine? In fact, it has been in the top 10 for many years now. So why is buying a home one of the best financial decisions you can make? Let's explore.
One day you won't have to pay a monthly fee to live in your home! Unlike renting, every month your payment is going towards OWNERSHIP. You are building equity into an investment that will one day be fully paid for. When you reach that day all you have to worry about are taxes, insurance and maintenance costs. However, if you sell before you reach that day, no sweat - all that equity comes right back at you in cash! Whereas when you rent, you are building SOMEONE ELSE'S equity by paying off THEIR mortgage. Why not pay your own?
The tax breaks! Did you know your mortgage interest payment and property taxes are tax deductible?! Many people don't think of this benefit when they are weighing whether to purchase or rent. However, homeowners have a huge financial advantage over renters by getting this tax break every year.
A predictable monthly payment. Are you sick of your rent increasing every year? Well, when you purchase - you are agreeing to one "fixed" monthly payment until your mortgage is paid off. Why did we put fixed in quotes? Your mortgage payment won't change, unless of course your refinance, but your taxes and insurance on your home WILL change - which can increase your overall monthly payment to account for those. However, your actual mortgage will remain the same.
So, after only reading about 3 points (and there are more benefits!) have we convinced you?! If so, give us a call, right now is a GREAT time to buy, with interest rates so low, you may find you're able to afford a more expensive home than you otherwise would have, while paying the same monthly mortgage!
***Information is subject to change - accurate as of 2/4/2021
We'd love to help you fulfill your dream of owning a home and making the best financial decision for you!