5 Financial Benefits to Owning Your Own Las Vegas Home
Owning your own Las Vegas home comes with numerous benefits. Yet many people are hesitant to take the plunge with rental apartments being widely available in the local market. There’s rarely been a better time to look at purchasing your own property: interest rates remain affordable and the inventory of available houses allows you to be very selective. Here’s a closer look at five of the top financial reasons that people are choosing home ownership today.
Building equity each month:
When your finances are limited or you’re in a phase of your life where you’d like to minimize responsibility, renting is the perfect option. If something goes wrong, the repairs are the landlord’s problem to repair. Should you change jobs or meet a partner that lives across the country, you easily have the flexibility to relocate without significant hassle. But one of the realities of renting is that your money is gone. With home ownership, each payment that you make builds equity and ultimately is growing your wealth over time.
Decreasing your tax liability
If you’re looking for a way to lower your annual tax burden, home ownership is a great way to do it. A number of things associated with owning your own home are tax deductible, although the exact percentage that can be deducted depends on your specific situation. Consult a tax or financial professional for personalized advice. Many homeowners deduct property taxes, interest payments toward their mortgage, and even some closing costs. For those buyers considering multiple family properties or purchasing a second home as an investment, it’s possible to deduct some expenses associated with rental houses as well.
Keeping overall costs low
The time that you purchase your home and the interest rate you qualify for have a major impact on what you end up paying over the lifetime of your mortgage. During times with lower interest rates and reasonable sales prices, buyers are making a sustainable investment in the future. Not only is your home likely to appreciate in value which contributes to your financial success, but you’re setting the stage for controlled costs of living through the different phases of your life from raising a family to enjoying your golden years.
Protect against inflation
Inflation is the natural rise in the cost of living. It affects everything from day to day essentials like gas and food to more significant expenses such as rent and vehicles. Year over year, your cost of living is going to be driven up by these forces of the market. Your rent can increase each year according to the whims of the owner and local laws protecting renters. With a fixed rate mortgage, what you’re paying each month stays the same. You’re locking in today’s rates for tomorrow. It’s easier to budget and plan ahead for other expenses, from paying for college to saving for retirement.
Establish financial roots
Home ownership is a major step toward a healthy financial life. Many people look at home ownership as the definitive sign that they’ve put down roots and can turn an eye toward the future. From establishing a 401k to taking the leap and starting their own business, many major financial steps now feel within reach. If you’re craving a sense of stability, home ownership may be right for you.
It may feel like a renter’s market, but there’s never been a better time to buy your own home. The best move toward taking that step is contacting a professional lender that can evaluate your situation and help you decide how to proceed. Contact Sydnee Johnson to get started on the path to owning your own Las Vegas home today.