After months or years of paying escalating rent rates in Colorado, you may be more motivated than ever to make changes to your living situation. Moving away from renting and into home buying brings with it several key benefits; and when you crunch the numbers with a qualified mortgage professional, you may find that home ownership makes better financial sense.
Buy For Your Lifestyle
Home ownership provides a real opportunity to lay down roots and make plans. You can paint the kids’ rooms, create a craft room for yourself or enjoy a new gourmet kitchen…it’s your home, and all improvements profit you, not a landlord.
Buy To Leverage Your Cash
Home ownership can be an easier investment option to understand than the stock market. As a home appreciates, your total investment may accrue faster.
Zillow provides this example:
If you bought $30,000 in stock and it appreciated 3% per year for three years that’s a gain of $2,782 on top of your $30,000 invested---and when you sell that stock, you’d pay taxes on the money gained.
If you bought $300,000 primary residence with a $30,000 down payment and it appreciated 3% per year for three years, you’d gain $27,818 on top of your $30,000 invested—and if you sold, you’d be exempt from paying any taxes on the gain.
Buy For Fixed Payments and Tax Benefits
If you get a fixed rate mortgage your payment will never change. Rent rates, on the other hand, can rise year after year- creating a lot of frustration if you’re working hard to establish a budget. Controlling your biggest payment per month is a good first step. Plus the interest you pay on your loan is tax deductible.
When it’s your time to buy a new home, Oakwood Homes offers creative floor plans and living spaces with more standard features than other builders. Tour model homes and learn more about Oakwood Life at My Oakwood Life.com.
THIS ARTICLE INVOLVES COMMERCIAL CONTENT. THE PRODUCTS AND SERVICES FEATURED APPEAR AS PAID ADVERTISING. FOR MORE INFORMATION, EMAIL US.
COLORADO & COMPANY IS A PART OF 9NEWS AND FEATURES COLORADO EVENTS, COMPANIES, BUSINESS PEOPLE AND OTHER GUESTS FROM AROUND THE COUNTRY.