Choosing to become a homeowner is generally one of the biggest decisions of your life. It’s a financial and emotional decision that must be made based on your individual circumstances. If paying rent has you leaning toward the security of owning your home, here’s why now is a good time to buy.
Financial Benefits of Owning a Home
Hedge Against Inflation: Homeownership provides stability. With a fixed-rate mortgage, your monthly payment can be locked in, which is especially important in today’s inflationary environment.
- Pay Your Mortgage (Not Your Landlord’s Mortgage): As you pay your mortgage, its balance is reduced, building equity in the property.
- Appreciation. While every market is different, home values have historically appreciated about 4% annually. Plus, you enjoy appreciation on the total price of the home, not just the cash you put down.
- Tax benefits. Your tax advisor can help determine eligible tax deductions, which generally include mortgage interest and property taxes.
The net benefits of paying a mortgage often outweigh the monthly rent you’ll pay – and as a homeowner, you’ll have a valuable asset.
If you’re trying to decide whether to buy a home or continue renting, I can help you explore your options.
Alternatively, if you’re planning to sell your home, I can help you prepare it to get the most out of your investment.
Best wishes for a happy May!
