Owning a home doesn’t just provide you and your family with a place to live; it’s also a great investment. Today, I wanted to share three reasons why:
- A mortgage is fixed, but rent is not. It depends on the landlord as to how much, but your rent will go up over time. A mortgage payment will stay the same throughout the lifetime of your loan.
- A mortgage acts as a forced savings account. Down the road, as you pay your mortgage and reduce the balance on your loan, you also increase your equity in the mortgage. If an emergency occurs or you want to make upgrades to your home, you can pull equity out of your mortgage because it acts like a savings account from the beginning.
- You can rent out your home if you need to move, and they can pay down your mortgage. You can even potentially earn income from that renter.
These are just three reasons why owning a home is beneficial to your finances. If you’re looking for more reasons or you’re ready to buy or sell a house, give me a call or send me an email soon. I’d love to help you out!