If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were
5 Reasons Why Homeownership Is A Good Financial Investment By The KCM Crew On December 1 2016 In Fir
According to a recent report by Trulia, “buying is cheaper than renting in 100 of the largest metro areas by an average of 37.7%.” That may have some thinking about buying a home instead of signing another lease extension. But, does that make sense from a financial perspective?
In the report, Ralph McLaughlin, Trulia’s Chief Economist explains:
“Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house.”
The report listed five reasons why owning a home makes financial sense:
Mortgage payments can be fixed while rents go up.
Equity in your home can be a financial resource later.
You can build wealth without paying capital gains.
A mortgage can act as a forced savings account.
Overall, homeowners can enjoy greater wealth growth than renters.
Before you sign another lease, perhaps you should sit with a real estate professional in your area to better understand all your options.
Blog by KCM Crew.
I am a full time licensed Realtor. I specialize in representing my clients in the purchase and sale of single-family residences and income property within Fredericksburg. I truly love this area and pr....