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People often ask me if homeownership still makes sense. In my opinion, the answer is, “Absolutely.”
There are three main reasons homeownership is still a smart move today:
- Homeownership offers certain tax write-offs. The interest on your mortgage can be written off on your taxes. And, in your first seven to 10 years of homeownership, the majority of your monthly payments will be comprised of interest.
- Homeownership offers stability. When you rent a property, the amount you pay each month is not fixed. Beyond that, you aren’t in control of what you can and can’t do to your own home. When you own your property, however, you have a lot more freedom.
- Homeownership allows you to build equity. Rental payments don’t go toward your own personal wealth. They don’t do anything other than line your landlord’s pockets. Mortgage payments, meanwhile, are an investment in your personal wealth. Also, as home values appreciate, you can even leverage your home equity into buying more property down the line. Real estate is an incredible long-term investment.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.