The American Dream is inseparable from home ownership. Putting down roots and owning your own piece of America is the ultimate goal of many Americans. But as a first-time home buyer, buying a house can be intimidating. How do you know if you’re making the right choice?
You Can Choose to Rent or Own a Home
Despite the benefits of owning your own property and (finally) having a yard, more and more people are choosing to become lifelong renters. Yet there are many personal and financial advantages to owning a home. Here are some of the top reasons to consider a home mortgage in Redding, CA.
Great Reasons to Own a Home
- Equity. Equity is the difference between how much you owe to the mortgage lender and how much your home is worth. Every month you pay your mortgage, the greater your equity.
- Tax Benefits. You’re able to deduct your mortgage interest from your taxes if your loan is less than $1 million. You can also deduct some of your state property taxes from your federal return.
- Freedom. Unlike apartment living, you can do whatever you want with your home. Paint the walls whatever color you like, upgrade the amenities, or get a dog.
- Predictability. With a fixed-rate mortgage, you’ll be able to predict exactly how much you’ll owe to your mortgage lender each year. Compare this to apartment living, where rent can go up every year. With a fixed rate mortgage in Redding, CA, you can plan for the future.
- Stability. Renting can be great when you’re not sure where you want to settle. But once you’ve planted roots in a city, owning a home can give you a great sense of stability.
- Appreciation. Houses usually go up in value over time. That means, over a 30-year period, your house’s value will increase substantially in most cases. If your city grows and your neighborhood becomes more desirable, even the ground beneath your feet can increase in value. That gives you more bang for your buck once you start to think about retirement.
There are many benefits to owning a home compared to renting an apartment. And now is the best time to invest in your own property. For more information on home mortgages in Redding CA, contact Megastar Financial today.