People that know me know I am an advocate for home ownership. I have chosen this profession not only to help people solve their housing issues but to also help them build wealth and secure their futures for their family.
I understand that for some, renting may be the best option for now, however I do believe that home ownership should be your goal. Setting yourself up ahead of time and having a checklist will help to ensure that you have a smooth path once you do apply for a loan.
Let’s look at some of the reason why owning a home is so important to your financial health:
1. Home Ownership helps you to save money. When you make your mortgage payment it’s like putting money in the bank, not your landlords pocket.
2. Home Ownership saves you money on your taxes by providing deductions and tax credits.
3. Home Ownership allows you to lock in your monthly housing cost. No more yearly rent increases making your landlord richer.
4. Home Ownership is cheaper than renting in the long term. With tax deductions, credits & equity appreciation, it does not take long before your mortgage becomes cheaper than your rent.
5. You can live in and enjoy your investment. No other investment lets you do that.
6. Home Ownership is good for your financial health.Â
With equity appreciation, an average-priced home at the beginning of 2018 could build more than $44,000 in family wealth over the next five years.
If you are thinking that by renting you are avoiding paying for taxes and home repairs, you should think again as these costs are always factored into the rent.Â
Bottom Line
Owning a home is better for your bank account, it is better for your family’s security, you can enjoy your asset and better for your overall financial health. From my view point the American dream of home ownership is better than renting.
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