Benefits of Purchasing a Home
Are you thinking about buying a home but might be wondering what the benefits to buying a home are, or if it even makes sense to buy? Only you could answer that question which is why we put together a list of all of the benefits so that you can compare them and decide whether it makes sense to buy or rent.
Here are Some of the Benefits of Purchasing a Home
Appreciation can be described as an increase in the value of an asset over time. In many cases a home may be a great long-term investment. In real estate an increase can occur for a number of reasons, including increased demand, weakening supply or even home improvements. When you purchase a home, you’re investing in what may potentially be your greatest asset. When you pay your mortgage off, you’ll own your home and will have built equity.
When you build equity, you may also be able to refinance your mortgage in order to gain access to funds in order to consolidate debt, perform home repairs or renovations, pay for tuition, or supplement your retirement income.
Mortgage interest, property taxes, points, application fees and other costs related to your mortgage may also be deductible.**
**Consult with a CPA for more information regarding tax deductions.
If you’re tired of renting and tired of paying your landlord's mortgage and want to start investing in your future by buying a home, but are unsure if it will make financial sense, contact us for more information.
*All applications are subject to credit, property and income approval. This is not a commitment to lend. Loan products are subject to change and may not be available in all cities or states. Speak to a licensed loan officer for more details about available loan products and full eligibility requirements.