Now that mortgage interest rates have started to rise, and home prices have posted steady gains in the more desirable neighborhoods, you might think that you missed your chance to buy a home at the best price and terms. Nothing could be further from the truth! Interest rates alone do not motivate home buyers; neither do lower than normal home prices.
Home buying is a personal decision that involves a good degree of emotion and careful thought. The “right” time to buy a home, is when it’s right for you.
Of course, there are many pragmatic reasons to become a homeowner, and understanding these could help you make the best decisions. Here are some of the top reasons to buy a Metro Columbus home!
Quality of life. Being a homeowner enables you to make changes to suit your needs and preferences. You can decorate, remodel, choose your appliances, start a garden, have a pet, and indulge in other freedoms that are not commonly found in renting.
Wealth-building. Home ownership may not make you rich, per se, but a fixed-rate mortgage gives you better control of your monthly housing costs than renting. You will also build equity as you pay down your mortgage, and as your home appreciates in market value. Your home could potentially be worth more when you sell than what you paid at purchase, giving you an opportunity for profit.
Liquidity without selling. You do not have to sell your home in order to reap the benefits of building equity. Home equity loans enable you to borrow against your home’s free-and-clear market value, providing funds for remodeling, a child’s college education, or other worthy purpose.
Reverse mortgages are another way to draw your equity without needing to immediately move. In a reverse mortgage, the bank pays you every month, basically making payments on the ownership interest you sell to them. They are not for everyone, but if you are age 62 or older a reverse mortgage can provide much-needed cash flow, especially for fixed-income homeowners.
Income tax deductions. If you itemize your income tax return, you can take advantage of mortgage interest deductions and property tax deductions, every year for multiple years. You can also deduct any mortgage insurance costs, as well as any points, or pre-paid interest, paid at closing. Talk to your professional tax preparer about the deductions that would apply to your situation.
When you add up the income tax deductions and the equity gains, home ownership provides financial advantages that renting cannot match!
Pride of ownership. Home ownership provides emotional and psychological benefits. The stability, personal control and sense of pride can actually help you live a more productive and fulfilling life.
Ready to learn more about home buying? Download our free e-book, “How to Buy a Home like a Pro!” When you’re ready to start your home buying journey, become a Buyer-Client of Buyer’s Resource Realty Services!
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax