Home ownership may be one of the most common goals of adulthood, but there’s many benefits of home ownership and why so many people flock towards this type of investment and leave the rental market behind. Tru Realty is ready to help you break free from renting a home and wants to help you buy a home in Arizona. If you’re still trying to decide if you should take the plunge towards buying, here are a few benefits of saving up for a down payment and finding the right place to settle in.
1. It’s More Economical
Many people steer clear of home ownership in Arizona simply because it can be hard to wrangle together the funds for a down payment on a house. However, while a monthly rental is money you’ll never see again, the money you put down on a mortgage is being invested back into your home and your future. This makes for a solid investment you can capitalize on later.
2. Instant Tax Deductions
The interest that you pay on your mortgage payment can be one of the most tumultuous aspects of purchasing a home. What you may not know is that there are many home ownership tax benefits and you’ll have the ability to deduct many associated costs from your taxes. From origination fees to property taxes, there are plenty of home ownership tax benefits that will add up on your refund when tax time comes!
3. Paying A Lower Price
The real estate market fluctuates every day, but one thing is for the certain: the median price of a home is on the rise. While low inflation rates may not be ideal when you’re selling your home, they can mean a better deal if you’re diving into the market for the first time. Just remember, it’s important to buy a home you can afford. Anything that goes beyond your budget will prove to not be a solid investment.
4. A Built-In Savings Account
It is important to have liquid assets outside of the equity you have in your home, as many people struggle to pay off their home and save money at the same time. While saving outside of making your monthly mortgage payment is still important, putting money down on a home is an act of investing, and it’s one that you’ll likely make a profit on when you decide to sell.
Ready to Experience the Benefits of Home Ownership?
There can be many immediate financial benefits to renting in the short term, but purchasing a home in Arizona is a more solid long-term financial decision with when it comes right down to it. If you’re considering the benefits of home ownership in Arizona and would like to know more about your options, please contact our founding principal Sarah Richardson at 480 327 6700.
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