If you ever wondered why buying a home is a good idea, here are 6 solid reasons. Owning a home is a big step, one that carries a lot of responsibilities! But it's also one of the best investments you can make. Home ownership has many benefits: you save on interest and tax deductions, have a tangible asset to borrow against, increase your net worth, and more. This article provides an overview of the advantages of owning a home and why today is the best time to buy a home.
Do you dream of owning a home? Here are six reasons to buy.
1. You can deduct the interest you pay on your mortgage and property taxes, as well as some of the costs involved in buying a home. For details speak with a tax professional they will be able to ensure that your home is working for you.
2. Finding an investment that has shown long-term stable growth in today's market is a challenge. Unless you look into real estate, it has had stable, long-term growth from 1972 through 2014. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year, according to the National Association of REALTORS®.
3. Equity: Money paid for rent is money that you'll never see again. Stop building someone's portfolio and start making your dream a reality.
4. Savings: Building equity in your home is a ready-made savings plan that could help lower your tax bill if it's used toward retirement or other financial goals later on down the road when you sell it! Your tax professional will be able to help you with this.
5. Predictability: Lenders offer fixed-rate mortgages. This means that payments don't rise over the years so your housing costs may actually decline as you own the home longer because they're based on an index instead of market prices (which tend to rise faster than inflation).
6 Freedom: The home is yours! You can decorate any way