If you’re thinking about buying a home, consider these main six long-term reasons.
- In today’s market, real estate has had long-term stable growth and year to date the median sales price has increased by 10.7% in Richmond County Staten Island, New York. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.
- Your mortgage payment is not like paying rent, mortgage payments will allow you to build equity ownership interest in your home.
- Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. Once you start to build equity in your home, it’s your savings plan.
- By Building equity in your home is a ready-made savings plan. And in some cases, a portion of your gain may be tax-free (Consult with your accountant).
- You have the freedom to upgrade your home in any way.
- If you remain in one neighborhood this will give you the ability to create a long-lasting community relationship that you are comfortable and familiar with.
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