There are so many great reasons to purchase a
home, and during the pandemic we realized more of them than we ever thought
possible. Seriously, who knew we needed an office space separate from our loved
ones so we never had to hear them say, ‘let’s circle back to that later’ ten
times a day?
If you’re a first-time homebuyer, having a home
of your own can give you a greater sense of security and accomplishment in a
time that’s largely uncertain. If you’re a repeat buyer looking for your dream
home, making a move might give you the space or features you need to find
greater success and happiness in the new normal.
Whatever your motivations are, here are three
reasons why becoming a homeowner now may help you win big in the long run.
1. Buying a Home Is a Great
Investment
Several
recent reports indicate that real estate is still a good investment,
topping other options such as gold, stocks, bonds, and savings. Why? Real
estate helps you build equity, a type of forced savings that grows your
net worth.
2. Mortgage Interest Rates Are Low
When you purchase a home at a low mortgage rate,
it impacts your monthly mortgage payment, giving you the opportunity to get
more house for your money down the line.
3. Investing in Your Future Pays Off
There are some renters who haven’t purchased a
home yet because they’re uncomfortable taking on the obligation of a mortgage.
What many renters don’t realize, though, is the financial power of equity.
Equity is cash in your pocket during hard times, unexpected additions to the
family, and celebratory occasions when you need a little extra.
What You Need to Know
Buying a home sooner rather than later could
lead to substantial savings and long-term financial growth. Reach out to a
local real estate professional to determine if homeownership is the right
choice for you this year.