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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, making 2015 a fantastic year to invest in a home. In addition to the awesome mortgage climate that exists right now, 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 lot you have to do to profit off of this investment.
- You’re paying for housing 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 form of forced savings: You’re making a monthly payment, a portion of which goes toward your principal balance, and in 15-30 years, you will have the savings of your home’s value. This is incredibly important if you wish to have financial security in the future.
- Major tax benefits: 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. Also, it’s becoming more affordable to pay a monthly mortgage than to pay rent each month.
- 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 suggest you start considering a home purchase. Homes are wonderful investments for the future, and there are actually a lot more benefits to home ownership than I could discuss in the time frame of this video. Please feel free to reach out to me to learn more.
As always, please consider me your #1 resource for real estate in Utah!