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New Year, New Home: Invest in a Home of Your Very Own
Are you sick of shelling out rent money every month? Are you in need of a larger space to entertain your family and friends? Do you want a place you can call yours? Sounds like it’s time for homeownership!
Buying a home is one of the biggest investments and financial decisions you’ll make in your lifetime and it can seem overwhelming at times. Fortunately, there are educated professionals, such as mortgage lenders, realtors and home inspectors, available to make the home buying journey easy and enjoyable.
While there are many reasons to consider purchasing your own home, capitalizing on an investment of your very own is high on the list. Check out how homeownership could help you grow your wealth:
- Investment: When you rent, you're paying a lump sum of money each month to your landlord. When you purchase your own home, you're making an investment that will generally appreciate in value over time. When it comes time to sell, your house could be worth more than the original purchase price.
- Equity: Owning also allows you to build equity. Your home's equity is your down payment plus the amount of money you've put toward paying off your mortgage. By simply making your mortgage payments each month, you're building equity with the principal portion of your payment.
- Tax Incentives: And finally, home owners receive tax incentives renting doesn't offer. Consult with your tax preparer as a portion of your mortgage interest paid out over the year could be tax deductible. This perk of home ownership will save you money and allow you to invest elsewhere.
Interested in learning more about homeownership? Set up a free, no strings attached mortgage consultation with one of our local lenders. They’ll walk you through the home buying journey, answer any questions you may have and recommend a customized financing option to get you into a home of very own. And if the time isn’t right, they’ll give you a step-by-step plan to make sure you’ll be ready to make home happen when the time comes.