Having your own home can take some work, but there is pride in that work and ownership. There is nothing like the feeling of driving down the street and seeing the home that belongs to you. You may be set in your home or ready for an upgrade.
Either way, check out the six distinct economic advantages in homeownership:
- Hold Your Breath, Your Lease is Up for Renewal!
A homeowner has predictable payments; the landlord can’t raise the rent. The mortgage payment that you agreed to with the bank remains the same by owning that home.
- Go Ahead and Be a Cheapskate
It’s cheaper to buy a home in the long run. The monthly cost of the typical mortgage is less expensive than paying rent in the majority of the markets in the U.S. The mortgage rates are currently low, so this is a win-win for home buyers.
- Show Me the Money
Your home is one of the best investments in the future because of appreciation. If you buy a $200,000 house, it can appreciate to $250,000, $300,000 or more depending on how long you are in the house. This is good financial news.
- When it Rains, it Pours
Homeownership provides you with a rainy day fund. The owner has an advantage in having the opportunity to borrow money on the equity of the house at a cheaper rate than other loans. You have to love that appreciation.
- Here Chick, Chick
Purchasing your home can lead to a secure retirement and a nice little nest egg. The longer one stays in a home, the more appreciation which can later be traded for a smaller home. The leftover income from the sale can help with a comfortable retirement or a nice little boat.
- It’s Nice to Take a Break
Purchasing, owning, and maintaining a home ensures great tax breaks. Many costs of owning a home are tax deductible such as mortgage insurance and property tax. The largest deduction is usually the interest that you pay on your mortgage. This can add up to a real economic advantage!
ARE you ready to look for your dream home…. let's start now!