The question of whether to buy or rent a home is one of the biggest financial decisions you can make. Both have their advantages, but with buying, you could be building equity in your own home.
Many people are hesitant to buy because they simply do not understand the process. They let “timing” be an excuse and instead never end up buying. The simple truth is that there is and never will be the “perfect time to buy!” Instead of waiting for that “perfect time to buy,” consider what stage of life you are in and your current circumstances. For example, look at how much money you have set aside for rent each month. This money is going towards helping your landlord pay their mortgage. Where is the money going for you? Don’t you want your money to work for you and not against you?
Buying a home is scary, but understanding how the benefits outweigh those doubts will bring you peace of mind.
1. Have Your Money Work For You
For example, home ownership gives you the opportunity to have your money work for you! Each month you pay your mortgage for your home, you are building equity. Your hard earned money is going towards making you more money now, not towards making your landlord more money.
2. Understanding the Current Economy
Another key benefit to owning your own home is understanding the current economy. The economy today is highly inflated, which means that the cash you have in your bank account is not going to be worth as much as it is today. Home ownership allows you to use that money to make more money, as housing prices go up, your home will be worth more, hence your money is worth more!
3. Huge Tax Benefits!!
Lastly, consider the tax savings that come from home ownership! Each time you make that mortgage payment, a portion of that money goes towards “interest”. Well, when you go to file your taxes, as long as your loan does not exceed $750,000 you can write off all that interest that went towards your mortgage payments each month!
There are many other benefits of home ownership on top of that as well including, a fixed monthly payment, long term appreciation and low interest rates. The benefits are endless!
If you are tired of helping your landlord get rich, instead of helping yourself get rich, consider calling me today to discuss how we can help get you into your dream home, propelling you forward financially to make you more money for tomorrow. You can call me at 858-345-0685
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
