Culpepper Landing

Posts Tagged ‘mortgage’

Home Ownership Is Still Important.

Friday, October 25th, 2013

PNC Mortgage put out a recent Homebuyer’s Guide. It listed 10 Reasons to Own Your Own Home. Thanks, PNC Mortgage. A great reminder for all prospective buyers that homeownership is still a solid emotional and financial investment.

#1 – Equity ~ Money paid for rent is money you’ll never see again, but mortgage payments let you build equity in your home;

#2 – Savings ~ Building equity in your home is a ready-made savings plan. And when you sell, you can be eligible for tax-free gains (of course, you’ll want to consult a tax advisor);

#3 – Predictability ~ Unlike rent, your fixed-rate mortgage payments don’t go up over the years. However, keep in mind that property taxes and insurance costs may rise;

#4 – Freedom ~ The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home;

#5 – Stability ~ Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships and offers your children the benefit of educational continuity;

#6 – Owning Your Home Is the Number One Way to Build Financial Security ~ The Federal Reserve reports homeowners have an average of $184,000 in household wealth versus renters whose net wealth on average is $4,000;

#7 – Homeownership Gives Children a Great Start ~ Studies show that children of homeowners have higher educational levels, a lower rate of teen pregnancy and higher test scores;

#8 – You No Longer Need a Big Downpayment ~ Historically it was customer to make a downpayment of 20% of the home’s sales price, which prevented many people from being able to consider homeownership. Today, there are many affordable loan products that require little to nothing down;

#9 – Mortgage Interest and Private Mortgage Insurance May be Tax Deductible ~ For the first few years of the mortgage loan, it is typical that the vast majority of your payment is made up of interest. For many, that can mean significant tax savings (again, consult that tax professional about your individual situation);

#10 – It’s a Good Time to Buy ~ In today’s market, the affordable housing prices, inventory of available homes and low mortgage interest rates provide a great opportunity for many first-time home buyers.

At Culpepper Landing, we can show you beautiful homes, priced from $175,000 to the upper $400s, that will make your decision to become a homeowner an even smarter one!