Owning a home is a great long-term investment. If it’s time for you to get a place of your own, purchasing a home can be one of the smartest financial decisions you make.
When you make rent payments, your paycheck goes directly into your landlord’s pocket. On the other hand, a mortgage payment can be considered an investment in your future. With each payment, your principal balance is reduced. When you rent, this happens for your landlord, not you.
The housing market is thriving and rates are at all-time lows. This can work in your favor when you are ready to sell. In the end, you may sell your home for more than the original purchase price. There’s no telling what the future holds, so act fast before rates rise! If you’re renting, when you move out you might get your deposit back, but that’s about it.
You may be young, but have you thought about retirement? It’s never too early to think about your future. Having a home can help you establish yourself financially. Your mortgage may be paid off by the time you retire. You can enter retirement mortgage-free. You won’t have to make a payment each month for housing. That means you won’t have to worry about having extra cash, and no worrying about taxable withdrawals from retirement accounts for the mortgage.
Interested in learning more about your home ownership options? Contact the Housing Buzz Team today!