Why Buying a Home Might be Right For You
Are you uncertain as to whether the time is right to buy a home in Miami-Dade County. If so, here’s a bit of information that might help to make your decision easier. According to recent market reports, the market is on the mend and trends are showing that now might be the right time. Home buying seems be on the rise in recent months. If you’re tired of paying rent for a home that’s not fully yours it may be the right option for you and your family. We’ve put together a short list of reasons that show the American dream is still alive and that you can achieve it.
Ownership Builds a Savings for Your Future
As you pay your mortgage each month it goes into the home’s equity which you can tap into later on. This equity can be used for renovations on the house, to pay down debt or to help pay for schooling. With home ownership you’ll have sort of a “forced” savings account that will help you to have the future that you want.
Save more in Taxes
Depending on where you live in the U.S., owning your own home could mean that you save a good chunk of money each year in taxes. You should be able to sit down with your accountant or tax professional to get a sense of which deductions you may be eligible to claim. It may even be possible to deduct your mortgage interest, property taxes and the profit from selling your last home.
You can lock i your Monthly Costs
While it’s true that your home value will go up each year with inflation. There are ways to lock in your monthly costs so that they will not rise as quickly. Currently interest rates are hovering right around 4% this year in the Miami area. You could potentially lock into some of the lowest interest rates we’ve seen in years simply by using a fixed-rate mortgage. A fixed-rate mortgage keeps the same interest rate for the next, 5, 15 or even 30 years.
If you are considering buying a home in the Coral Gables, Ponce Davis or South Miami area visit our current listings page.
To view more available properties throughout Miami-Dade County visit the property search page.
Buying may be cheaper than renting
Some reports show that it’s currently 37.4% cheaper to own a home in the U.S. with some areas actually as high as 57% lower. For example owning a home was actually 43% cheaper in the Miami area.
Live in your Investment
When you invest in gold or stocks you can’t live in them, but with a house you can. Investing in a home will give you a place to live while you increase its value over time with renovations and upkeep. No other investment gives you that ability.
These are just a few of the reasons that owning your own home makes financial sense. If any of them stand out to you consider talking to a real estate professional to see if it may be the right option for you.
EWM Listings and Showings
All of the agents on The Monica Betancourt Group at EWM Realty International are present at every showing to answer any questions the buyer or buyers agent may have and to offer peace of mind to the seller.