There are numerous benefits to owning you own home, but here are just a few for you to consider:
Income Tax Savings - You can benefit greatly from the tax savings you get from the mortgage interest deduction you receive come tax season. This is one of the attractive components of financing a home.
Forced Savings - Let's be honest, one of the biggest problems we all have is saving money. Owning a home allows you to build equity in an asset and essentially create a savings account instead of throwing money away on rent. In most cases, if you stay in the home for 2+ years all equity gained from the appreciation is your TAX-FREE.
Stable Monthly Housing Costs - When you purchase a home, buyers usually will get a 30 year fixed mortgage that will allow them to lock in a monthly payment for 30 years. Even when inflation drives the rent prices up, you will be locked in and you will be saving a lot of money each month allowing you to spend it (or SAVE it) elsewhere.
Stable Housing - If you own your own home, you are in control of your own life. In most rental contracts, a landlord can give you 30-60 days notice and you will have to move. In a tough rental market (like we are in now), rentals can be leased out in a matter of hours. It may be tough for you to find somewhere to go and not to mention other difficulties like staying in your childrens same school districts.
We have numerous programs available for homebuyers in all different type of situations. If you are looking to buy a home in the Charlotte or Lake Norman area, please give me a call today.