The American Dream has been to own a home for years. Owning a home helps you build savings with your mortgage payments- the equity in your home is yours, not your landlord’s! Here are some reasons to buy a home rather than rent.
-Homeownership allows you to gain equity in your home – as you pay down your mortgage, you gain equity. As your home appreciates in value, you have more equity in your home. In a way, a mortgage is a forced savings. Home values have been increasing, which means you have more equity in your home.
-You are paying for housing whether you rent or own. If you are renting, you are paying your landlord’s mortgage. Some say you don’t have to pay the property taxes, but your landlord includes that bill in your rent. He also will usually include a portion of the repairs he expects to make. Wouldn’t you rather pay for your own mortgage?
-Owning is a hedge against inflation. Home values tend to increase at the same rate or higher as inflation. When you own a home, your home value will protect you from inflation.
-There are still tax benefits to owning a home. The new tax reform bill affected some deductions for homeowners, but there are still tax benefits to own.
Some other reasons people like to own their own home are things like being able to garden or paint the rooms in your home without your landlord complaining! Owning means that other than taxes and insurance, more than likely your payment will not change. It can also mean your housing payment is more stable.
Home ownership is a great way to build equity and have something you can call your own! If you want to get approved to buy, please give me a call! I would love to help you!
Leslie Vanderwerf, NMLS ID#335509, American Mortgage & Equity Consultants, Inc., An Equal Housing Lender, NMLS#150953 – Email – Website
