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Do you rent or do you own your home? Those that consider renting to be a less expensive means for living may be the ones missing out the most. Depending on where you live and the type of home that you have, you could be signing that rent check away to your landlord every month without any benefit to you. The costs of owning a home may be a bit more but the reward is evident from the start. One day, you will own your home. You will never own your rental property, though.
There are many benefits to home ownership:
- Owners often pay about the same in a monthly mortgage payment as renters do per area. This depends greatly on the amount of home you purchase, but often you can secure a mortgage payment that's about the same as your monthly rent.
- Home owners are able to claim larger, more lucrative deductions on their income taxes. This is especially true of mortgage interest, which is the interest you'll pay on your home loan.
- If you own your home, everything that you put into your home, such as updating furnishings, remodeling, and landscaping, adds to the value of the home which is yours to use as you desire. Increasing your home's value allows you to benefit.
- A home is an asset that can be used in times of need, too. For example, should you find yourself in need of additional funds to pay down debt or for some other reason; you can tap into the equity in your home to secure a low interest home equity line of credit.
- You own your home. You make the decisions about your home. You get to do what you want, how you want to, which isn't something most renters can do.
For the person that can dive into homeownership, owning is often a better option than renting. For many it provides a sense of accomplishment. After all, owning a home is the American dream, and it's closer to being realized than you think.
When you are ready to consider home ownership, or to talk about what your options may be, contact me. Let me help you explore the wide variety of mortgage products available today-one of which can match your specific situation.
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