According to new data from TransUnion, anywhere from 8.3 million to 9.2 million first-time homebuyers will enter the housing market between 2020 and 2022. That's a significant increase over the past several years.
Many folks I chat with are debating whether they should enter the world of home ownership. If you're financially ready, here are reasons to do so...
Benefits of Home Ownership
* It's your space and your rules! (remodel, expand, etc.)
* You can build equity by paying down the balance of your loan and/or the value of your home increasing over time
* It can provide an improved social status and sense of accomplishment
* You can earn sizable tax deductions
* It's potentially better for children and your family structure
* A mortgage can improve your credit history and score
* Mortgages are the some of the cheapest loans available
* You could have the ability to borrow against your home (home equity loan/credit line)
* You can grow your net worth
* NO LANDLORD... YOU ARE THE BOSS!
Disadvantages of Renting
* Rental payments are often more expensive than a mortgage
* There is no ownership or wealth creation
* The payments never stop when renting!
* There are no tax benefits * Always more rules, regulations, and limitations
* It's less stable than owning a home
* You must deal with a landlord or management company (always at the mercy of the property owner)
If you want to explore buying a home (even if you just have a few questions), feel free to reach out to me!
~Shannon