Owning your home is a powerful (and smart) financial decision!
If you are currently renting your home, it’s never too early to think about home ownership. Purchasing a home can launch you into a much stronger future financially! The benefits of home ownership can point you in the direction of greater financial security and a bigger savings for your future and other things you may want or need.
- You won’t always have a monthly payment – In the words of Dave Ramsey, “Every payment brings you closer to owning the house. When you pay rent, that money is spent. Gone. Bye. Not returning. But when you pay your mortgage, you work toward full ownership“. As soon as you buy your home, your monthly cost is working for you as savings called equity. When you build equity and grow your net worth, you can continue to re-invest those savings into your future and the possibilities are endless!
- Your monthly payment will be less when you own – You will typically have more home (more actual square footage and space) as well as more property for less money when you own your home. The current market indicates that you will pay $500-$600 per month for every $100,000 paid for the home….for example, a $200,000 home would be a mortgage payment of approximately $1,000-$1,200 per month. How does that compare to what you are currently renting, how much you pay, and how much space you actually have to enjoy?!
- Home ownership is a tax break – Things like property taxes and mortgage interest are a tax deduction when you file each year, whether you are living in your first home or your fourth home. There are no advantages at tax time when you’re renting someone else’s home or property.
- Monthly housing costs are predictable – With home ownership, you know what the future holds in regards to your monthly expenses. When renting, the monthly cost can continue to increase, sometimes with little warning, due to inflation, competition and/or rising property values. It’s much easier to budget and save when you know your expenses will remain the same over time. Rental costs have continued to rise (and have been skyrocketing!) for almost 10 years and with today’s low mortgage interest rates, NOW is a great time to start making your money work for you!
How would it feel to put money in YOUR pocket instead of someone else’s and have predictability about your financial future? If you’d like to talk more about what that would look like for you, let’s connect!