If you’re on the fence about buying a home, one thing that may sway your decision is learning more about whether or not buying a home is still considered to be a good investment and a sound financial move. While there are always varying opinions on this, with some arguing that homebuying is a great investment, and others encouraging people to put their money in the rental market instead, there are a number of great financial benefits associated with buying a home. And depending on your local market, buying a home as an investment makes more sense than renting. Here’s an overview of what you need to know.
The Financial Benefits of Buying
Whether buying your first home or upgrading to your dream home, there are likely to be a number of financial benefits to homeownership and real estate investing. A great article published by Forbes lists seven benefits of homeownership, including:
- Homeownership allows you to build wealth over time;
- With homeownership, you’ll build equity every month when you make your mortgage payments;
- There are a number of tax benefits associated with homeownership, including the ability to deduct mortgage interest and property tax;
- If you sell your home after two years and make a profit, you’ll be able to take advantage of the capital gains exclusion;
- A mortgage can act as a type of forced savings – when you pay your mortgage every month, you’re paying your equity, essentially putting money into savings; and
- When it comes to a long-term loan plan, experts often agree that buying will be cheaper than renting, as the interest that you will pay will eventually be lower than the rent that you would be paying had you not purchased a home.
Buying a Home Can Be a Particularly Good Investment
Here at Hayden Homes, we have new homes for sale throughout the northwest where the real estate market has been improving over the past several years. Our communities in Washington, Oregon and Idaho regularly appear in major news articles as the fastest growing, may of the best places to live article, and most livable cities in the United States. We carefully select communities that we feel would be great long-term locations for growth and sustainability for our valued customers. Also, when you build with Hayden Homes, you build with quality. Our homes are built to serve you – including improving the value of every-day living and meeting your long-term financial goals.
While there are many benefits to buying a home as listed above, remember that not all of these benefits apply in all cases. For example, if you have a habit of overspending and not being able to make payments on-time, then taking on the commitment of a mortgage could actually do more harm to you than good. Working with a trusted financial institution will help you minimize the risk and maximize the gains of securing a home loan, as they will be able to responsibly guide you through the home loan process and secure a loan that is not only feasible, but to your advantage in the long run. We’re also here to help you as well.
Meet with Our Home Builders Today
If you’ve been renting, or if you’re feeling ready to upgrade homes, then we have great news. Buying a home in 2020 is a good investment. Interest rates are still great, our homes are energy efficient and we pride ourselves in the superior value of our new homes. There are many other benefits to homeowners and we can’t wait to talk more about them in person. Our northwest home builders in Washington, Oregon, and Idaho are standing by, ready to assist you in preparing for and securing a home loan on a brand new home that will help you acquire wealth down the road. We have homes for sale now that we think you’ll love! Contact us today to learn more.