When you make rent payments, your paycheck goes directly into your landlord’s pocket. On the other hand, a mortgage payment can be considered an investment in your future. With each payment, your principal balance is reduced. When you rent, this happens for your landlord, not you.
The housing market is still thriving. This can work in your favor when you are ready to sell. In the end, you may sell your home for more than the original purchase price. There’s no telling what the future holds, so act fast before rates rise! If you’re renting, when you move out you might get your deposit back, but that’s about it as far as return goes.
Long term benefits
Having a home can help you establish yourself financially in the long term future. Your mortgage may be paid off by the time you retire. You can enter retirement one day mortgage-free. You won’t have to make a payment each month for housing. That means you won’t have to worry about having extra cash, and no worrying about taxable withdrawals from retirement accounts for the mortgage.
Interested in learning more about your home ownership options? Contact us today!