5 Reasons to Buy a Houston Home in 2017
Mortgage interest rates are rising, and Houston home sales are wrapping 2016 with higher prices. Some buyers are concerned that they missed out on the “right” time to buy a home.
We have good news – the right time to buy a home, is when you are personally ready for it! While homes might cost a little more in the New Year, the long-term advantages of home ownership will reward you for years to come. Here’s 5 reasons why you should buy a Houston home in 2017!
Lifestyle. Being a homeowner enables you to make changes to your property to suit your needs and preferences. You can decorate, remodel, choose your appliances, start a garden, have a pet, and indulge in other freedoms that are not commonly found in renting.
Pride of ownership. Home ownership provides emotional and psychological benefits. The stability, personal control and sense of pride can actually help you live a more productive and fulfilling life.
Wealth. Home ownership may not make you rich, per se, but a fixed-rate mortgage gives you better control of your monthly housing costs than renting. You will also build equity as you pay down your mortgage, and as your home appreciates in market value. Your home could potentially be worth more when you sell than what you paid at purchase, giving you an opportunity for profit.
Liquidity. You do not have to sell your home in order to reap the benefits of equity. Home equity loans enable you to borrow against your home’s free-and-clear market value, providing funds for remodeling, a child’s college education, or other worthy purpose.
Reverse mortgages are another way to draw your equity without needing to immediately move. In a reverse mortgage, the bank pays you every month, basically making payments on the ownership interest you sell to them. They are not for everyone, but a reverse mortgage can provide much-needed cash flow, especially for fixed-income homeowners.
Income tax breaks. If you itemize your income tax return, you can take advantage of mortgage interest deductions and property tax deductions, every year for multiple years. You can also deduct any mortgage insurance costs, as well as any points, or pre-paid interest, paid at closing. Talk to your professional tax preparer about the deductions that would apply to your situation.
When you add up the income tax deductions and the equity gains, home ownership provides financial advantages that renting cannot match! Home ownership also provides a greater sense of well-being than renting.
Ready to find your new Houston home? Obtaining the expert advice of the KW Energy Corridor Team is the first step in a successful home purchase! Contact us today for your personal real estate consultation!
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079