Buying a home is one of the best investments you can make, especially if you’re a Millennial. It allows you to build up equity over a number of years, which you can use to purchase a larger home at some point in the future. There are also several other benefits of owning a home.
Here is some valuable homeownership and real estate advice for Millennials to consider:
- Paying a mortgage is more financially desirable than paying rent. When you rent, your money goes to a landlord rather than going toward paying off a home loan. When you own a home, you’ll eventually own that home once it’s paid off and you won’t owe any more payments at that point. When you rent, you’ll always have to write out a rent check every month.
- Owning a home comes with considerable tax benefits. Homeowners are eligible for big tax breaks, thanks to deductions on property taxes and mortgage interest payments. This lowers their tax bills and boosts their chances of getting a hefty tax refund.
- Owning a home protects you from inflation. When you buy a home, you don’t have to worry about inflation affecting housing costs, since you’re already locked into a mortgage. When you rent, you do have to worry about rent prices going up in order to keep up with inflation.
- Being a homeowner can help you become more financially responsible. If you’re not used to setting aside money on a regular basis, owning a home could force you to do so. You’ll need to have money on hand in case your home needs unexpected repairs or maintenance.
Need more homeownership and real estate advice for Millennials and other home buyers? Visit me at www.destineddwellings.com !
No comments:
Post a Comment