The American Dream of homeownership is alive and well. Recent reports show that the US homeownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities.
Today we want to talk about the top 5 financial reasons you should own your own home.
- Homeownership is a form of forced savings – Paying your mortgage each month allows you to build equity in your home that you can tap into later in life for renovations, to pay off high-interest credit card debt, or even send a child to college. As a renter, you guarantee that your landlord is the person with that equity.
- Homeownership provides tax savings – One way to save on taxes is to own your own home. You may be able to deduct your mortgage interest, property taxes, and profits from selling your home, but make sure to always check with your accountant first to find out which tax advantages apply to you in your area.
- Homeownership allows you to lock in your monthly housing cost – When you purchase your home with a fixed-rate mortgage, you lock in your monthly housing cost for the next 5, 15, or 30 years. Interest rates have remained around 4% all year, marking some of the lowest rates in history. The value of your home will continue to rise with inflation, but your monthly costs will not. Home Buying Checklist
- Buying a home is cheaper than renting – According to the latest report from Trulia, it is now 37.4% less expensive to buy a home of your own than to rent in the US. That number varies throughout the country but ranges from 6% cheaper in San Jose, CA to 57% cheaper in Detroit, MI. Home Buying Checklist
- No other investment lets you live inside of it – You can choose to invest your money in gold or the stock market, but you will still need somewhere to live. In a home that you own, you can wake up every morning knowing that your investment is gaining value while providing you a safe place to live. Home Buying Checklist
Before you sign another lease, let’s get together to help you better understand all your options.
Keith Kreis Home Selling System
Our innovative Home Selling System was developed to provide our clients with a consistent and proven method to prepare their homes for sale, price their homes appropriately and get the word out to as many prospective buyers as possible. The benefits of home selling system are a quicker sale at a higher price. Home Buying Checklist
The most important step in selling your home is pricing it correctly from the onset. Its a well known fact that overpriced homes take longer to sell and usually sell for a lower price. Since the majority of your showings will occur in the first 30 days on the market it is crucial that your initial list price matches buyer expectations. Our agents are trained to use advanced market analysis software to build a comprehensive report that will accurately determine the optimal list price for your home. Request a detailed market analysis of your home. Naperville Home Buying Checklist
In order to get top dollar for your home you have to make your home look its best. Our agents are trained to help you identify and prioritize repairs and improvements that will provide the best return on your investment. Before your home goes on the market, we offer home staging to make every room in your home look its best. Home Buying Checklist