Why Buy A Home, Anyway?
Here at Avrus Financial and Mortgage Services, we talk a lot about the steps to getting the best mortgage rates. How to apply, what you need to do, how we can help you get approved.
But maybe it’s time to get back to basics. Why should you be buying a home? Isn’t it easier to rent—you don’t have to deal with making repairs, you call the landlord when anything goes wrong, and you don’t have to worry about property taxes!
Well … that’s all true. But the advantages to owning your own home, especially now with the lowest mortgage rates, and low income mortgage loans really do far outweigh the disadvantages.
Let’s talk about a few of them!
- The first reason, and possibly the most important, is appreciation. While it’s absolutely true that housing prices fluctuate, and we’re currently seeing much lower prices on houses than they may have been worth five or ten years ago, the reality is that this market—like all markets—is cyclical in nature. Prices that go down eventually come back up … and, over time, real estate is one of the best investments that you can make. The Federal Housing Finance Agency can give you great up-to-date information on housing costs and appreciation with its House Price Index. Current FHA home loan rates along with the average home loan rates are at an all time low.
- Another good reason to purchase your home is for tax reasons. Yes, you will pay property taxes to the community where you live (and do not for a moment think that this isn’t added into the rent that landlords will charge you, in any case!); but the tax advantages of property ownership are significant. Real estate property taxes that you pay for a first home (and even for a vacation home!) are fully deductible for income tax purposes. Not only that, but as long as your mortgage balance is less than the price of your home, your mortgage interest is deductible.
- And speaking of your mortgage, as you pay it off, you’re building equity. Any part of your payment that isn’t interest (that is, in other words, going toward the principal) reduces the amount you owe; and this equity will help with your credit score and enable you to take out equity loans, equity loan rates are usually at lower interest rates than credit cards—and their interest is deductible.
- If none of this convinced you, then there’s always the emotional argument: owning your own home simply feels good. You can paint the walls any color you want. You can put nails up, take down walls, build additions … and all of it with the security of knowing that it’s yours. The landlord will never ask you to leave or raise your rent: you’re in the driver’s seat.
And that may be the biggest advantage of all!
Remember that when you’re ready to invest in a home in Florida, Georgia, or California. Avrus Financial & Mortgage Services, Inc. is ready to become your partner in the process. You find the home of your dreams — and we’ll help you find a way to buy it!
Try our Mortgage Calculators!
- Refinance mortgage payment calculator
- Qualifying for a home loan calculator
Whether you are a first time home buyer, or looking to buy your second or third property, we even have special mortgage loans for teachers, purchasing a home is a big commitment for anyone to make. At Avrus Financial SM we provide every one of our customers with personalized one-on-one services to help guide each client through the home purchasing and loan applying process.
Before purchasing a home there are a number of factors one should consider:
- Are you financially capable of purchasing a home? Home loans for first time buyers offer great financial opportunities to people so that they can buy their homes, but it is important to first see if they are able financially to qualify for this loan.
- Which type of loan would you like to apply for? Low down home loans, low income mortgage loans, do you need a regular mortgage loan, or do you need to apply for a jumbo mortgage loan (a loan that is for more than $417,000)? Once again it is important to think about whether or not you can actually afford to take out the type of loan you need to buy your home. Not sure
- What the expenses will be? View our payment calculators to get a better idea of the amount of money you will need.
- Check out our home mortgage rates today.
- Are you looking to purchase an investment property or a residential home for you and your family to live in? What about a family vacation home? There can be
benefits as well as risks to each of these purchases, but it is important to make sure that it is the right choice for you and family.
At Avrus Financial our financial advisors will work closely with you to evaluate each of your options and help you make the best decision to achieve your goals.
