Buying your own home is the “American Dream” but with the housing crisis and financial instability, some wonder if it is still a reality. If you are one of those still on the fence about buying consider the following:
- Over time, the mortgage balance decreases and equity builds regardless of whether the home value increases.
- The tax advantages of home ownership. You are able to deduct the mortgage interest and taxes paid on your homes, while there are no tax advantages of renting.
- As an owner you can modify the home as you wish to meet your needs, while if you are a renter you are limited with the changes you can make.
- The ability to lock in payments for the next 15-30 years. Rental agreements usually only last 2-3 years and inflation will cause them to increase.
- You have the ability to make a profit. Your home is an investment and after time you can reap the financial benefits when selling your home.
- The payments will eventually end. After your mortgage is paid off you will no longer have a payment. Rent does not end!
- No landlord.
- Pride of homeownership.
If you are interested in learning more about advantages of buying a home, click here to contact an Executive Partners Real Estate Agent today!