There are so many reasons to buy a home and it is very rare that there is a logical reason to rent.
Below are a few of the important reasons to buy:
- Tax Break: If you purchase a property for $400,000.00 with 5% down, you would have a write-off of approximately $22,000.00 per year. That would save the average homeowner $5,000-$7,000 per year the next time they do their taxes. (Your amount may vary so please verify these numbers with your tax advisor.
- Security: If you make all of your payments on time, your house will be totally paid for in 30 years.
- Equity: Each year you pay down y our mortgage balance and build equity.
- Flexibility: The property will increase in value over time and you can refinance down the road to pull cash out for home improvements or to buy investment properties.
- Appreciation: Houses have gone up by 6.2% per year on average over the past 50 years. If you are in your house for the next 16 years, your house could be worth double what it is worth today if those numbers hold true.
- Annity: If you get to a point where the house is too big, or you want to move locations, then you could sell it, move down, and live off the equity you built in your younger years.
- Payment: If you get a fixed-rate loan, your mortgage payment never changes. Your property taxes increase annually by a maximum of 2% and your insurance can increase slightly too. However, if you are a renter, imagine where your rent payments will be in 10-15 years!
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