The quick answer is definitely “Yes.” Not only are there ways to save money, but there are also lifestyle benefits that should be taken into account. Here’s the savings you’ll reap when you purchase a home:
1.) Generally you will end up paying less for a place to live when you buy a home than you were paying in rent.
2.) When you rent, your rent will most likely go up, while in a home your housing costs are fixed.
3.) If home values go up at least 4% per year, your money is earning 20% a year.
4.) If you die, the equity in your house may help pay for your final expenses.
5.) If you retire and have no house payments, you can get a reverse mortgage to provide income.
6.) You can deduct the interest on your mortgage to reduce your taxes.
7.) You can deduct the cost of any energy efficient home repairs.
8.) Real Estate taxes can also be deducted.
9.) A home is an investment that appreciates over time.
10.)You gain equity as you pay your mortgage payments.
11.)You can use the equity to obtain financing for your next home or other investments.
So how does owning a home provide you with a better lifestyle?
— If you ever fall on hard times there are more options to get back on track. You are safer in your home and there is more time to resolve the problems before you are forced to leave.
— You can control your living space. You don’t have to move as your needs change. Your home can be altered to fit your lifestyle.
— Often the home you purchase is simply a better quality living space than you find in a rental.
For these reasons buying a home is not only more cost effective–it just makes sense!
Your RE/MAX Premier Properties agent can help you make that transition from renting to home ownership by locating the house that will save you money and is the right choice for your family. Contact them to begin the process!