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Affordability is at an all-time high right now. Interest rates are low, and loan products from Fannie Mae and Freddie Mac are allowing consumers to buy with only 3% down. Even rates for private mortgage insurance have dropped, and this perfect storm of financing changes is making 2015 a fantastic year to invest in a home. It's difficult for me to imagine a better time to purchase, and on top of these financial incentives, I have five more reasons why owning a home is beneficial to you.
- Homeownership leverages your money: If you purchase a home, it's likely going to appreciate in price, so you own an investment that you should make a profit on. Other than regular maintenance, there is not a whole you have to do to profit off of this investment.
- You're paying anyway: You have to pay for housing either way, so why help to pay off someone else's mortgage when you rent a home? When you own a home, your monthly payments go towards an investment that you can gain equity in.
- It's a forced savings account: You're making a monthly payment, a portion of which goes toward your principle balance, and in 15 or 30 years, you will have the savings of your home's value.
- Tax incentives: Property taxes are deductible, and mortgage interest is tax-deductible. There are many tax cuts that you receive when you own a home as opposed to when you pay rent on a property.
- A home protects against inflation: When inflation occurs, your home gains value, so your equity increases and your wealth does too.
If you're renting right now, I highly suggest you start considering
a home purchase. Homes are wonderful investments for the future, and
there are actually a lot more benefits to homeownership than I could
discuss in the time frame of this video.
If you need any help with buying or selling
real estate in the Rochester area, please feel free to contact me. I'm
always happy to help!
