Have you been wanting to buy a home, but you can’t decide if now is the right time, or if homeownership is right for you? Allow the Keller Williams Memorial real estate team to help you decide!
Freddie Mac recently reported a study on the biggest perks of homeownership. If you are or were a homeowner, see if you relate to these. If you want to buy a home, see which of these resonates most with you!
Homeownership can build equity over time. The latest report of homeowners vs. renters net worth showed that a homeowner’s net worth is 36 times more than a renter’s! NAR’s latest report shows that a homeowner’s net worth is now 45 times greater. This is huge!
Monthly payments remain stable. If you have a fixed rate mortgage, your monthly mortgage payments won’t change. Your payment will be the same 10 years from now! As rent prices continue to skyrocket, you can expect your rent to continue to increase regularly.
Homeowners receive tax benefits. As a Houston homeowner, you can enjoy mortgage interest deduction, property tax deduction, imputed rent and profits from home sale as some of your tax benefits. You may also be able to write off some of your home-buying expenses.
You have design power. Homeowners love that they can design their home however they want, without following the rules of a landlord! Have fun with paint colors, yard accessories, pet toys, room renovations and more. Homeowners tend to take more pride in their homes because of this.
Homeownership improves community. When you own your home, and you’re surrounded by other homeowners in your neighborhood, it creates a sense of community and connection. Homeowners tend to enjoy more interaction with neighbors, and they report a higher feeling of security.
So, clearly homeownership has many perks! Is it for you? Ask yourself these three questions:
1. Why do you want to buy? The answer to this could be financial, or it could be something else entirely. Maybe you want a safe place to grow your family, you want your kids to receive good education, you want to control your living space, you want to save money or grow equity. There are so many great reasons!
2. Where are home values headed? Home prices have increased 5.8 percent year-over-year and for 63 consecutive months. They’re expected to rise 5.3 percent more over the next year. The sooner you buy, the more you could save!
3. Where are mortgage rates headed? Interest rates impact the long-term cost of a home dramatically, and right now, they’re still historically low. They’re expected to increase over the years to come, so again, the sooner you buy, the more you might save!
If you’ve got questions about the home-buying process in the Houston real estate market, or you’re ready to buy now, contact us. The Keller Williams Memorial team is standing by, ready to help!