The vast majority of residents in Texas and across the country start off renting homes. Often, they get so used to rentals that they begin to feel intimidated by the idea of purchasing property themselves. Those who are getting cold feet about home ownership may want to read on to find out about a few advantages of checking out homes for sale instead of continuing to rent.
Home ownership comes with a number of tax benefits. For one thing, homeowners are able to deduct property taxes, while renters do not have this option. Plus, those who are paying for their homes using a mortgage are able to deduct mortgage interest as well, and those who plan to eventually sell will enjoy the exclusion of capital gains from their home sales of up to realty $500,000 for married couples.
A Hedge Against Inflation
When real estate prices and rental costs are on the rise, owning a home constitutes an effective hedge against inflation. Even homeowners who are repaying mortgages typically pay a fixed rate rather than one that is subject to the whims of the market. Given that rental prices tend to increase at an even quicker rate than inflation, owning a home, even one with a mortgage, constitutes a great way to protect against both increasing housing costs and overall inflation.
A Sound Investment
While investing in stocks and bonds is inherently a risky proposition, when they invest in real estate Frisco TX, residents can expect to see an impressive turnaround on their investments. Of course, there's no absolute guarantee that home values in the area will continue to rise, but the area's real estate market is currently on a roll and shows no signs of slowing down. Plus, families can't live in their stocks and bonds in the event of a financial crash.
Reasonable Mortgage Payments
Whether families choose to rent or to purchase a home and take out a mortgage, they'll be paying for housing either way. The difference is, once a mortgage is paid off, homeowners and their families can expect to see their housing costs drop to next to nothing. Renters, on the other hand, are likely to see raising rental prices and have no protection against market fluctuations.
Live in an Up-and-Coming Area
Frisco is undeniably an up-and-coming city. Those who choose to invest in homes in the area will get the chance to play an integral role in the city's continuing development. Anyone interested in buying can check out nu realty to get started today.