All of us want to own property in a good neighborhood, with nice neighbors, possibly close to our jobs. But there are many reasons why buying a home is a great idea. There’s nothing like owning your own home.
You’re never too late!!
• Good Investment
Say you put $40,000 down on a home worth $200,000. In the first year, it may appreciate 5 percent, and the value of the home would increase to $210,000. In one year, you would have made $10,000 on a $40,000 investment that’s a 25 percent return on “Investment” you can live in, even while it’s working for you!
• Renting Deprives You from Tax Benefits, Such as Mortgage Interest Deductions
All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income.
Assume your initial loan balance is $150,000 with an interest rate of 8 percent. During the first year you would pay $9969.27 in interest. If your first payment is January 1st, your taxable income would be almost $10,000 less due to the IRS interest rate deduction.
• Accumulation of Equity
Why keep throwing your money away on rent? Why not build equity with that money, instead? Renting doesn’t protect you against rising housing prices.
Homeowners build equity and can borrow against that equity for a variety of reasons that could include college, medical, or to start a business.
• Control of Housing Costs
You decide what to spend on your home, and when to spend it. Repairs, improvements, changes, everything is up to you, and only you. Unlike renters, homeowners who secure a fixed-rate loan can lock in their monthly housing costs, and make prudent investment plans knowing these expenses will not increase substantially.
Imagine how much rent might be ten, fifteen, or even thirty years from now? Which makes more sense?
Let the “Source” make true your dream of home ownership now!
*all number figures are an estimate and should Not be used for lending purposes etc., each transaction is different and the results may vary * all images provided by google