There are times in life when renting an apartment, condo, or house is necessary in order to follow your dreams and to continue working toward longer-term goals. However, many people, unknowingly, continue paying rent when they could be spending less money on a mortgage each month. Imagine spending the same amount on housing costs each month, or even paying a little bit less, and building your own wealth rather than building your landlord’s wealth!
Is it time for you to consider buying a home? Consider this:
You may never see interest rates this low again in your lifetime
If you plan on buying a home sometime in your lifetime, then you definitely want to take it advantage of the low interest rates that we’re seeing right now in the market. If you wait, there’s no guarantee that you’re going to get interest rates like these again.
Taking out a mortgage to own a home can be good debt
Using your credit card to go on a spending spree and then paying the minimum payment each month would be considered bad debt by many people. But buying a home is an investment, and it’s one that most people are able to afford by taking out a mortgage. It’s a big step, and it can be a scary one… but the reward of being a homeowner makes it absolutely worth it.
The value of your home will likely grow equity over time
Overtime, particularly over a long period of time, the value of real estate historically increases. As you pay on your debt and the value of your home increases, the equity that you have in your home also increases. When you purchase a home, you may find that your monthly expenses don’t have any drastic changes and yet you are building your long-term wealth every time you make a mortgage payment.
Live out the American dream
Maybe you don’t want a house with a white picket fence, or maybe you do. Either way, home ownership is a foundational aspect of the American dream, and it’s a dream that many of you have today.
If you have more questions about buying your dream home or simply want free advice from an experienced REALTOR®, contact Katrina Bishop at kbishopvpragent@gmail.com or call 770-539-4224 and be sure to mention Wealthy Property Owners.