Why Buy a Home?
In recent years the housing bubble has sent rental prices and demand for rentals soaring. Now with low interest rates, the latest data shows owning a home can be less expensive than renting. It is more affordable right now to buy a home than ever!
Consider this: You work hard for your money-when you pay rent you do not own anything. When you pay a home mortgage payment, you are increasing your wealth with every house payment you make because you are paying down the mortgage on a home that belongs to you, not the landlord.
In addition, you can borrow against your ownership ( equity in the home) to pay for major purchases or remodeling of your home. After you have built enough equity, you can borrow to buy a vacation home, a rental property, or educational costs.
Income Tax Deductions: You can deduct mortgage interest as well as your property taxes.
It is Truly Yours: Make it your own, plant what you want to plant, build what you want to build, and paint what you want to paint- YOU OWN IT!!!
Remember when deciding to purchase a home it does come with a responsibility other than just making the payments. There are maintenance costs, property taxes, and property insurance on top of the home mortgage.
However, unlike paying someone else’s mortgage, you are contributing to a wealth building proposition and can someday sell for a profit!