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Let’s face it. There are numerous lifestyle benefits to
owning a Lexington home, which have nothing to do with your finances. You can
decorate and design your home as you wish, you can feel more safe and secure,
you can grow roots in your neighborhood and community, and the list goes on.
But as a Lexington real estate agent, I know that the financial perks to
homeownership are often the deciding factor for first-time buyers! So, let’s
talk about what some of those are.
1. Buying is cheaper than renting. If you’re currently renting,
you know how much money you’re throwing away each month. In a Rent vs Buy Report from Trulia, numbers show that homeownership is cheaper than renting
with a traditional 30-year fixed rate mortgage in all of the 100 largest metros
in the U.S. This is partly due to interest rates remaining low, and rental
appreciation skyrocketing, with no end in sight! The study found that rates
would have to reach 9.1 percent before renting would be cheaper than owning! In
the long run, owning is cheaper.
2. Homeownership is forced savings. Not only are you saving
money when owning rather than renting, as I explained in the previous point,
but you are also investing in your future with that money! When you rent, you
never see that money again. When you own, you get most, all or more of your
money back when you sell. Your mortgage is basically a forced savings
account, because you are building equity! You can stop investing in your landlord’s future
and start investing in your own.
3. Home price appreciation will continue. Pulsenomics surveys a
panel of economists and real estate experts quarterly, to find out where home
prices are expected to head over the next five years, and then they average the
projection into a single number. The latest numbers predict that home prices
will appreciate 3.22 percent each year and grow by 17.3 percent cumulatively.
That means that if you buy a Lexington home soon, you’ll save money, and the
value increase of your home looks really good!
These financial homeownership perks don’t even get into the
several tax deductions you might qualify for as a homeowner. There are so many
reasons to own a Lexington home, both financial and personal!
Don’t put off accomplishing the American Dream any longer.
Contact me, your Lexington MA real estate agent. Let’s get you started with the
home-buying process in the Lexington MA real estate market!
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