From Millennials to Baby Boomers, It’s Time to Get In or Get Back Into the Game!!
I have heard many people giving home-ownership a bad reputation for some time now. It may sound enticing to not purchase based on the idea that you have the freedom to move across the country on a whim, with nothing in the world holding you back. Who knows what your future has in store for you. Manhattan? Los Angeles? Miami Beach? While those ideas are grand in nature, what if you fast forward five years from now and you’re still in the same place (geographically, hopefully you’ve advanced in other aspects of your life) and you’ve been paying rent the entire time. Let us pretend you live in an area where rent averages $2,500 per month, meaning you’ve put $150,000 in equity back into the homeowner’s bank account over those past 5 years!
RENT COSTS $150,000.00 OVER A 5 YEAR PERIOD
What if, you could purchase a property with the same amount of money it takes to rent a property, all while saving you with a lower monthly mortgage payment? The best part is when you make a payment as the homeowner, you’re really paying yourself with equity. Let’s take a deeper look at the benefits of home-ownership.
No Landlord Can Force You to Move
If you have small children, you may appreciate this section the most. There is no worse feeling than receiving an official notice that when your lease comes to an end, you need to figure somewhere else out to live. Usually you would receive this notice about 60 days prior to the end of your lease, which isn’t much time to figure everything out. If you are proactively looking into your best interests and preparing to purchase before the end of your current lease, this wouldn’t be an issue to worry about. No more bouncing around. You will have the comfort and ability to begin to spread your roots, make lasting relationships, and truly feel a sense of community and security.
A Fixed Rate Mortgage Won’t Go Up
In San Diego County, house values have been rose in the past year by 4.7% and are projected to rise by 4.2% the following year. In the same time frame, rent has raised by 6.2%. If you own your property, you create massive amounts of equity while paying your mortgage that hasn’t raised one penny.
One of the key components to home-ownership are the tax deductions. As a homeowner, you are able to write your interest payments off at the end of the year. In some cases homeowners will be able to avoid other federal taxes on money earned through the sale of the home.
You Can Finally Make Your Home, TRULY YOUR HOME
Not only will a landlord never be able to kick you out of your property at their convenience, you will never need to ask permission to do anything to your home again. Once you own your home, if you want to change something, CHANGE IT!! If you want different floors, a new kitchen, new paint, DO IT!!