Homeownership can be both exciting and overwhelming at the same time. Are you ready to move from a rental into your own home? Then you need to choose a property that will fit your needs in upcoming years. Buying a home is a big financial investment. So, it’s easy to see why some people are hesitant to move forward with this decision.
Is the right time to move forward with your home purchase? Here are a few reasons why you shouldn’t delay investing in homeownership:
1. Smarter Spending
Every time you make a rent payment, you are paying your landlord’s mortgage. Rent means that you will never see the money again. On the other hand, a mortgage payment builds your financial future. You can spend the money each month with confidence. Over time, you pay down the mortgage and build equity. Eventually, you will own the home in full.
2. Long Term Resale
The long-term strategy is where you can really benefit in the real estate market. This industry is staying strong, despite the recent economic challenges in our country. Homeownership is a safer investment compared to stocks and other investments that are changing in pricing. Plus, you can benefit by tapping into the market trends in upcoming years.
3. Low Interest Rates
One of the benefits of the changing economy is that interest rates are low. It looks like we will have the benefit of low interest rates for a while. A low interest rate on your mortgage is like getting a discount on your house. Lower interest rates mean that you have more spending power. Or, you can stick with the same real estate budget and decrease your monthly payments. Take advantage of the low interest rates, because we don’t know how long they will be available.
4. Tax Breaks
Did you know that mortgage interest is deductible from your income tax? If you want to pay less to the IRS, then homeownership might be an option to consider. Even though your monthly mortgage payments will pay a lot of interest over the years, you can deduct this interest on your taxes.
Capital gains tax is another way you can benefit. Living in the home as your primary residence for at least two years means that you don’t have to pay capital gains tax on the increase in property value.
Ready for Homeownership?
If you are ready to step into the exciting investment of homeownership, then call our experienced real estate team. We are one of the leading providers of real estate service in the Atlanta area.
At DUFFY Realty, your satisfaction is our priority. We work hard to help our customers get the best deal when buying or selling a home. At the same time, our low-cost real estate fees will help you save thousands of dollars. Call today: (678) 318-1700.