In the current market, there are many powerful reasons contributing to make the decision to purchase a home. Buyers will have many financial opportunities such as increasing equity, appreciating net worth, and growing equity. Owning a home can help to build a stronger future by pointing you in the direction of greater financial security and more savings.
- Monthly Housing Payment: Working towards full homeownership by paying a mortgage will earn you more financially, than paying rent each month. Every monthly payment will bring you closer to the end goal of owning that home. As a homeowner, you have the potential to eliminate the monthly payments you make on your home. Homeownership drives stability and savings as you increase your equity. Homeowners will now have the opportunity to build equity and grow net worth by reinvesting their savings into their future.
- Homeownership as a Tax Break: One strong advantage to consider while deciding whether or not to purchase a home, is the tax breaks homeowners receive. Many costs of owning a home are tax deductible. While paying off a mortgage, you can count the mortgage interest as a deduction during your tax return. Having a huge financial advantage will be a relief during tax season.
- Monthly Housing Costs are Predictable: With a fixed mortgage rate, homeowners will have steady and predictable payments each month. Rental property prices have been skyrocketing since 2012, making for very uncertain payments. Inflation, competition, and rising property values will cause your rent to increase to unknown levels. With today’s low interest rates, it is more cost effective to purchase a home.
If you are ready to make the decision to purchase a home, savings and security are just a few of the benefits that come with home ownership. Connect with Seven Gables today to see if purchasing your dream home will help ensure your future financial success.