There are many financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. Here’s a look at three often-overlooked financial benefits of homeownership.
1. You Won’t Always Have a Monthly Housing Payment
As a homeowner, someday you can eliminate the monthly payment you make on your house. That’s a big factor in how homeownership can drive stability and savings in your life. As soon as you buy a home, your monthly housing costs will begin to work for you as forced savings, coming in the form of equity.
2. Homeownership Is a Tax Break
One thing people who have never owned a home don’t always think about are the tax advantages of homeownership. Whether you’re living in your first home or your fifth, it’s a huge financial advantage to have some tax relief tied to the interest you pay each year. It’s one thing you definitely don’t get when you’re renting. Be sure to work with a tax professional to get the best possible benefits on your annual return.
3. Predictable Monthly Housing Costs
With a mortgage, you can keep your monthly housing costs steady and predictable. If you want to lock-in your monthly payment at a low rate and have a solid understanding of what you’re going to spend in your mortgage payment each month, buying a home may be your best bet.
If you’re ready to start feeling the benefits of stability, savings, and predictability that comes with owning a home, give us a call today at (503) 455-7660 and we will put you in touch with one of our real estate professionals to help you determine if buying a home sooner rather than later is right for you.