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When looking to buy a new home many people have to weigh the options between continuing to rent or make the investment into trying to purchase. Let's take a look at the good and bad of home ownership.
Homeownership allows you to build equity as your property value increases. Appreciation refers to the rise in your home’s value over time. Historically, home in this area have risen 4% per year over the past decade. To put this into perspective, if you purchase a $500,000 home, you could gain approximately $20,000 in equity annually. Over 10 years, that’s an additional $200,000 in personal wealth
Mortgage interest is tax-deductible, which can reduce your tax liability and potentially save you money during tax season.
Renting can feel like throwing money away, especially since you’re helping someone else build equity. With rent prices continuing to rise, owning a home often gives comparable or even lower monthly payments, allowing you to invest in your own future. You will also be able to stabilize your payments with a fixed-rate mortgage. Your monthly payment remains consistent. Unlike renting, where landlords can increase rent, homeownership gives you stability and predictability.
When you own your home, you have the freedom to make changes, from painting rooms to remodeling that outdated bathroom. It’s your space—make it yours!
Homeownership often fosters a deeper connection to your community. You’ll meet neighbors, join local events, and feel more invested in the area you call home.
Responsibility as a homeowner, you’re responsible for maintaining the property. Regular upkeep is essential to protect your investment.
Purchasing a home requires upfront costs, and your funds will be tied up in the property. This is a common fear, however, many homeowners can tap into their equity after only 12 months through refinancing or other options.
Owning a home means you can’t easily relocate without first selling or renting out your property, which may require significant planning.
Buying a home is a substantial financial and personal commitment. It can feel overwhelming, but with the right guidance, the process becomes more manageable.
Homeownership is one of the biggest financial decisions of your life. Partnering with a knowledgeable lender who understands your goals can make all the difference. If you have questions or want a free game plan for pre-approval, don’t hesitate to reach out. I’m here to help create the game plan to make your dream of homeownership a reality!
