Here are some things to consider...as always, you can find us at www.FirstAmericanMortgage.net
Beyond
the immediate benefits of home ownership (such as tax advantages), if
you're considering entering the housing market, you will also want to
look at the longer-term benefits of owning your own property.
These include:
Rental potential
If, at some point in the future, you decide that you need more
space and are able to afford a larger home, you may decide that renting
out your existing one makes sense.
The monthly rental income will help offset some - if not all -
of the expenses of maintaining the property and may actually put money
in your pocket each month.
If there comes a point when the property is completely paid off,
then the rent could be a great source of retirement income.
Source of equity
Over time, as the value of the property increases and your
mortgage balance decreases, you'll be able to tap some of the equity in
your home with either a fixed-rate second mortgage, or some type of line
of credit.
The equity may come in handy in the future for things such as home repairs and college tuition.
If you expect to be able to pay off your home at some time in
the future, you may be considering downsizing to a smaller, less
expensive home.
Your home equity may allow you use the proceeds of the sale of
your older home to pay cash for a new, less expensive property, and you
can deposit the remainder of the proceeds of the sale to provide
retirement income, to purchase a vacation property, or for a host of
other reasons.
For many decades, real estate has been one of the best places to
invest your money, and despite the recent mortgage meltdown, it will
continue to be so.
In many cases, it can even outperform the stock market.
Consider your mortgage as part of your long-term retirement plan.
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