With rent and home prices increasing while the amount of houses for sale decreases, it is smart to make the move now and transition from renting to homeowner. There are many reasons why purchasing a home can help you invest in your future. Here are just a few:
Tax season can be painful for just about anyone, but on the positive side, the U.S. Tax Code lets you deduct the interest you pay on property taxes, mortgage taxes, and a few extra costs encountered during the home buying process.
Rent is money thrown out the window that you will never see again, but when you own the home you're living in, that monthly mortgage payment is a building equity and interest in your home.
While you're building equity in the home you've purchased, you're making yourself a ready-made savings plan for when you decide to sell.
When you purchase a home, the home is yours! You can customize it any way you choose. This is a good time to keep up and invest in home trends and smart technologies coming out for the future. This is a way to pay a little up front and gain a large amount back when you decide to sell.
If you're raising a family, it's good to remain in the same neighborhood while your children grow up so you all can remain developing a long-lasting relationship with the community.
To learn more about the benefits of owning a home, reach out to one of our mortgage specialists!