Why Home Ownership Is A Good Idea– With fluctuating markets it can be difficult to determine of buying a home is even a good idea anymore. Take a look at some of these reasons for why owning a home is still a smart decision.
- Owning a home is part of a long-term financial strategy.
- A long-term home environment is ideal for raising a family. In your home you will be able to make memories with your family while becoming part of the community. Neighbors become life long friends for both you and your children, especially if you are able to stay in the same home as your family grows.
- Currently, rates for 30-year fixed mortgages can be found for as low as 3.85 percent, and only 2.75 percent for 15-year fixed rate mortgages. Federal Housing Authority loans even have slightly lower rates, so it is still a good time to buy, even though home prices are also inching up in many areas.
- Once your mortgage is paid off, the home may continue to appreciate, and the homeowners have a stable place to live with their home as an asset.
- There are also tax incentives that are part of the perks of owning a home. Your property taxes can often be offset by tax deductions, as well as the costs of a portion of mortgage interest paid.
- Living mortgage- or rent-free during retirement years can provide extra money each month. or If you decide to sell your home post-retirement part of the price can be channeled into the purchase of a smaller, less expensive home, or to pay forward living expenses into a retirement community. Home equity lines of credit or even a reverse mortgage can help with retirement costs, travel, or health expenses.
While its value is still subject to market fluctuations, over the long term, buying a home can provide stability, equity (like savings), and comfort, so buying a home is still a very good choice for many people.