One of the most important milestones of adulthood is owning a home. In the recent years, more and more Millennials have been investing in homes, seeing this move as far superior to renting.
If you’ve been looking to join this group but delaying the move, here are four quick reasons to make the transition this year:
Interest rates are friendlier these days
If you’re like most home buyers, you’re looking into applying for a mortgage to finance the purchase of your home. As interest rates are quite low at the moment, this is the perfect time to make a move towards purchasing your first house. Find a reliable agency such as City Creek Mortgage to help you out with the loan application process.
In three years, a house may cost more
With a few exceptions, property prices typically go up over time. That means that if you buy the home of your dreams this year, you get to pay much less than you would if you’d done so in a few years’ time. It also means that you’re making a smart investment now and your money is set to grow in the future.
You get to save on taxes
Usually, the government offers greater tax benefits to people with new mortgages. This means you get to deduct the interest paid on your mortgage from your income. Don’t be surprised to realize that paying off your mortgage is actually cheaper than renting as a result of these tax breaks.
You experience greater peace of mind
The restrictions that come with renting a home can be very inconvenient, which means you may never keep the peace of mind you need as long as you are renting. Plus, there’s always the possibility of your landlord increasing your rent. When you own your home, you no longer have to worry about such surprises.
This year, don’t settle for anything less than owning the home you’ve always wanted. In property ownership, the earlier you make the investment, the greater the benefits you reap both in the short and long term.