There are so many great reasons to buy a home, and over the past year we’ve noticed more of them than we ever thought possible. If you are a first-time home buyer, having your own home can give you greater security and compliance in a very uncertain time. If you are repeating a buyer looking for your dream home, making a move could give you the space or features you need to find greater success and happiness in a new normal lifestyle. Whatever your motivations, here are three reasons why becoming a homeowner can now help you earn in the long run.
1. Buying a Home is a Great Investment
Several recent reports indicate that real estate is still in place good investment, outperforming other options such as gold, stocks, bonds and savings. Why? Real estate helps you build equality, a kind of forced saving that increases your net worth. According to the latest Stock Report of ATTOM Data Solutions:
“The calculation of stock-rich real estate in the fourth quarter of 2020 represented 30.2 percent, or about one in three, of the 59 million mortgaged homes in the United States. That rose from 28.3 percent in the third quarter of 2020, 27.5 percent in the second quarter and 26.7 percent in the fourth quarter of 2019, despite the continuing economic damage caused by the global coronavirus virus pandemic. “
2. Mortgage Interest Rates Are Low
La Primary Mortgage Market Survey of Freddie Mac indicates that interest rates for a 30-year mortgage have fallen since November 2018, when they hit 4.94%. In their newest forecast, Freddie Mac expects tariffs to remain low, level to an average of 2.9% in 2021.
When you buy a home with a low mortgage rate, it will affect your monthly mortgage payment, giving you the opportunity to probably get more home for your money.
3. Invest in Your Future Payments
There are some tenants who have not yet bought a house because they are uncomfortable accepting the mortgage obligation. What many tenants don’t realize, however, is the financial power of equity.
As a homeowner, your monthly mortgage payment becomes a form of ‘forced savings’ you can reinvest later in life to your liking. You can use it in a variety of ways, such as financing a loved one’s education, moving up to a larger home, or starting your own business. As a tenant, you are actually raising your landlord’s equity instead of your own.
If you’re willing to drive up your monthly payments and make strides toward those dreams and goals, buying a home can be the way to go, especially as rental prices continue to rise. to get up.
Buying a home sooner rather than later could lead to large savings and long-term financial growth. Let’s connect to determine if homeownership is the right choice for you this year.
Content previously posted in Keep Current Things