So it's Time to Make the Big Move!

The thought of owning your own home may have always seemed like something for the distant future. As one of the biggest investments you’ll ever make, it’s easy to find reasons why the timing just isn’t quite right.  Despite the hesitation you may have, owning your own home can add incredible value not only in the future, but right now too! Here’s why it’s time to make the big move.

First Off, You CAN Afford It. In all but two of the top 100 biggest US housing markets was it cheaper to buy than rent a home. In fact, buying a home is currently about 23% cheaper for millennials than renting one.  Interest rates are nearing record lows, and homes are more affordable than ever. You may have felt like renting is a safer bet, but really, you’re getting a lot more mileage for your dollar when you buy. How?

You Build Equity. In a sense, paying your mortgage is a form of savings.  With each payment, a portion goes toward reducing the amount you owe, increasing your equity as a result.  It also increases as your home appreciates over time.  With sound equity, you can qualify for home equity loans, which can be used to help pay off medical, educational and other expenses you may have.

You Enjoy Added Tax Deductions. Unlike renting where your hard earned dollar simply disappears into your landlord’s pocket, your home expenses can actually reduce the amount you pay in income taxes.  Mortgage interest, property taxes and even certain closing costs may all be tax deductible, and in the first couple of years when interests are a big part of your mortgage payments, this could mean a lot more money back in your wallet.

You Can Build Strong Credit.  As long as you’re paying your monthly loan payments on time, you’re proving to other lenders that you’re low risk.  In the future, when other large purchases or expenses arise, you’ll have a better case for getting that loan.  It’s important to plan for the future, but remember you can’t predict everything…

Don’t Try and Time it Perfectly.  Waiting for the “right” season or timing isn’t a guarantee.  For starters, despite there typically being more homes on the market in the spring, competition can be lower in the fall and winter months. If you’re building a home, starting the process now can get you a nice spring time move in.  A fall start can also be an advantage because builders can work through cold and snow, while heavy rain is a different story. 

In terms of value, you can’t predict where the market will be in a couple of years, but you can do the research and ask the right questions to make a smart decision now.  And when you do, you’ll enjoy the greatest benefit of all…

Creating the Perfect Home for YOU. Say no more to staring at that horrible floral wallpaper or bright pink bathroom tile your landlord couldn’t care less about.  But more importantly, owning a home means you can create a place that reflects your own unique personality and needs.  By taking advantage of all the freedom homeownership offers, it’s not just an investment, but also something much more meaningful.