If you are currently renting, this may be the time to seriously consider buying a home. With record low interest rates (still!), it truly is a fantastic time to buy. Low interest rates are not the only perk of homeownership, lets take a look at why you should considering buying a home.
- As I mentioned, we have historically low interest rates.
- No more rent raises! You can have a predictable monthly mortgage payment if you get a fixed interest rate.
- Customize YOUR home. Paint the walls! Put in new carpet!
- Pride of ownership.
- Appreciation. As the market appreciations, so does your home.
- Mortgage Interest Deductions. Ask your tax professional if your mortgage interest is deductible.
- Extra savings account – a home equity line of credit allows you to take a loan again the equity you have in your home.
- Become a landlord by renting out part of your home or all of it (in the future). Consider househacking .
- Build a community in your new neighborhood.
- Capital gain exclusion. Unlike a brokerage account, there are exclusions to capital gains when you sell if you stay in the home two out of the last five years.
- Homeownership is excellent way to build wealth.
- If you already own a home, selling your current home can mean you get to cash in on your equity. That equity could be used to purchase a new home, pay for a child’s college or just add to our savings. Consider the options.
- Property Tax Deductions. Ask your tax professional if your property tax is deductible.
- Create instant equity by adding a bedroom/bathroom or finish a basement for more square feet.
- Most importantly…. homeownership means the home is your’s (not your landlord’s).
As you can see, there are plenty of advantages of buying a home (financial, emotional and psychological). Home ownership means something different to each person, what does it mean to you? Whatever the reason, reach out to Liz to start your search today!
Liz is broker and owner of Liz Daigle Realty.