PART 3: Advantages of Owning a Home
BIG ADVANTAGES TO HOME OWNERSHIP
- Investment. When you rent, every single monthly rent payment is simply gone. You’ll never have a chance to see that money again. On the contrary, when you pay a monthly mortgage payment, that is an investment that has the potential to be worth something in the future. Although the value of that investment is subject to a lot of variables, including some you can’t control, at least there’s a chance you get some return on your investment. Hopefully, when you sell your home someday, some of that investment will be cash in your pocket. In other words, if you own a home vs. renting, at least you have a shot at getting some of your money back someday.
- Equity. As you make your monthly mortgage payments, and as house prices rise with inflation, you build equity. A simple explanation of equity is the amount of money your home is worth over and above what you owe on your mortgage. There are two main ways you can convert equity into cash: sell your home and keep the profit or refinance and take cash from the refinance.
- Income Tax Deductions. Current income tax codes allow you to deduct payments made for interest paid on a home mortgage as well as the expense of real estate taxes. The tax code thus encourages home ownership vs. renting. These deductions can represent a significant tax savings for you which means more money in your pocket.
- Have it Your Way. A renter is usually strictly prohibited from changing anything about a rental property – can’t paint, can’t put in a divider wall, can’t knock out a divider wall, can’t replace or refinish cabinets, can’t do this, can’t do that, can’t, can’t, can’t! When you own your own home, it’s just the opposite – you CAN! Do it YOUR way – paint it, remodel it, decorate it, move it, just imagine what you can do and then – DO it!
NEW YEAR – NEW DECISION: RENTING VS. OWNING
PART 4: Plan to Own a Home – No More Renting!
If you’ve ever thought about owning a home, or if you’re thinking about it now, here is the FIRST thing to do:
CALL US! At Golden Realty we’ll help you take the first steps to evaluate where you are, and where you need to be.
You may be closer than you think to home ownership – or you may have a lot of planning ahead of you – but you can do it.
GET A FREE EVALUATION OF YOUR CURRENT SITUATION. That’ right – FREE. If you decide to buy a home, we hope you’ll work with us – but there’s no obligation.
At the end of this article, there is a list of things to think about (if you haven’t already) when it comes to buying a home. But in order to develop a clear PLAN to buy a home, and make sure you take appropriate steps to complete the plan, and end up being a Homeowner, has to start with where you are now. Most of that has to do with finances – how much home can you afford? Should you make a move now or should you wait six months or a year? What assets and resources do you have? In other words, where do you even start?
ANSWER: Start with our FREE evaluation. All you need to do is contact us at 239-455-1003 and we’ll get you set up and get you started.
Things to Consider when Buying and Owning a Home
- What real estate agent should I work with. Easy Answer: Contact Golden Realty!!! [contact click]
- School District
- Earnest Money
- Contract Negotiation
- Loan Terms
- Down Payment
- Closing Costs
- Moving Costs
- Property Taxes
That’s a good start. Sounds like a lot. But DON’T WORRY. Our free evaluation is designed to help you get a good start on all of it. Contact us TODAY!