The American Dream of homeownership is alive and well. Recent reports show that the US homeownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities.
Today we want to talk about the top 5 financial reasons you should own your own home.
Homeownership is a form of forced savings – Paying your mortgage each month allows you to build equity in your home that you can tap into later in life for renovations, to pay off high-interest credit card debt, or even send a child to college. As a renter, you guarantee that your landlord is the person with that equity.
Homeownership provides tax savings – One way to save on taxes is to own your own home. You may be able to deduct your mortgage interest, property taxes, and profits from selling your home, but make sure to always check with your accountant first to find out which tax advantages apply to you in your area.
Homeownership allows you to lock in your monthly housing cost – When you purchase your home with a fixed-rate mortgage, you lock in your monthly housing cost for the next 5, 15, or 30 years. Interest rates have remained around 4% all year, marking some of the lowest rates in history. The value of your home will continue to rise with inflation, but your monthly costs will not.
Buying a home is cheaper than renting – According to the latest report from Trulia, it is now 37.4% less expensive to buy a home of your own than to rent in the US. That number varies throughout the country but ranges from 6% cheaper in San Jose, CA to 57% cheaper in Detroit, MI.
No other investment lets you live inside of it – You can choose to invest your money in gold or the stock market, but you will still need somewhere to live. In a home that you own, you can wake up every morning knowing that your investment is gaining value while providing you a safe place to live.
Before you sign another lease, let’s get together to help you better understand all your options.
Author:Amanda Scott Phone: 208-985-3622 Dated: November 10th 2017 Views: 222 About Amanda: I have been married since 2004 and have two beautiful children. In my free time, I enjoy cooking & ...
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I have been married since 2004 and have two beautiful children. In my free time, I enjoy cooking & baking, having a glass of wine with my friends, and watching football games.
My mission is to empower my clients with knowledge of the local real estate market while providing exceptional customer service to assist them in reaching their real estate goals. My philosophy is to treat clients like family and create lifelong professional relationships.
I am proud to be practicing at a brokerage with a group of professionals who share my passion for superior customer service. We utilize cutting edge marketing techniques and provide an unmatched marketing/web presence for our clients.
Some of the marketing techniques I utilize for each of my listings include:
• Professional Photography
• An Online Virtual Tour
• Professionally Printed Marketing Materials (such as flyers, postcards & doorhangers)
• Paid Social Media Advertisements
• Listing Syndication to 100s of Websites