WHY YOU SHOULD BUY: Build Equity It feels good when you realize that you are not losing money but it is actually working for you! As you are making your mortgage payment you're building equity, which is the portion of the property that you actually own through your payments. As you continue to stay in your home and make more mortgage payments your equity continues to increase as well. Eventually you can use your equity in purchasing another property or investment. Appreciation of housing value Although housing prices can fluctuate, in general, housing prices go up over an extended period of time. When it's time to sell this allows you to get more money back than what you have actually paid for. That's a great deal when you consider the alternative of renting and having nothing to show for it! My mom and dad owned a house in California for 3 years and then had to sell it for personal reasons. Atlhough they had not even paid one quarter of what the house was worth in payments, they still walked away with $100,000 dollars in their pocket! Their $250,000 dollar house had appreciated to nearly $350,000! Stability and Freedom When you own your own place you can decorate and renovate your home however you like. Further, by staying in a common location for a number of years you will provide stablility for your family and build a stronger network of people that know you in the community. A strong network of people comes in handy in the business world. Financial Credibility Owning your own home helps you establish financial credibility with banking institutions. If you make your payments on time this will greatly increase your credit score and will definitley help you out a lot if you intend to finance in the future. Independence You can breath easy and be free from those pesky landlords who like to inspect your home and raise rent. Limitations on pets and remodeling will no longer apply to you. Satisfaction Owning your own home provides you with a sense of satisfaction. You have worked hard for the money you have and you now have something to show for it. Tax Benefits Last, but definitely not least is the the tax advantages of home ownership, which allow you to deduct the interest paid on your mortgage. This tax break really adds up in the long run! If you see the point of buying a home verse renting you can get excellent loan broker assistance and more information at Home Loan Online. www.homeloan-online.net |
