1. Buying a Home Is a Great Investment
Several recent reports indicate that real estate remains a great investment, topping other options such as stocks, gold, bonds, and savings. Why? Real estate makes it possible to construct equity, a type of forced savings which develops your net worth.
2. Mortgage Interest Rates Are Low
The Primary Mortgage Market Survey from Freddie Mac indicates interest rates to get a 30-year mortgage have fallen as November 2018 if they struck 4.94%. In their most recent prediction , Freddie Mac expects rates to stay low, leveling out to an average of 2.9% in 2021.
When you get a home in a low mortgage rate, it is going to affect your monthly mortgage payment, giving you the chance to probably get more house for your money.
3. Investing in Your Future Pays Off
There are a few tenants who have not purchased a house yet because they’re uncomfortable taking on the obligation of a mortgage. What many tenants do not realize, however, is the monetary power of equity.
As a homeowner, your monthly payment becomes a kind of’ ‘forced savings’ you can reinvest later in life as you see fit. You can use it in many different ways, like to finance a loved one’s schooling, proceed up to a bigger home, or begin your own business. As a renter, you are actually growing your landlord’s equity rather than your own.
If you’re prepared to put your monthly obligations to function for you and take actions toward these dreams and goals, buying a home may be the way to go, especially as rental costs continue to rise.
Buying a home sooner rather than later could lead to substantial savings and long-term financial growth. Reach out to Preferred Properties of Texas today to determine if homeownership is the right choice for you this year.
