As we roll into 2023, now is the perfect time to consider buying a home. Buying has many advantages over renting, even with interest rates higher than they were a year ago. Although it might seem like a good idea to sit on the sidelines and see what economic conditions do in the upcoming year, a home is always a safer investment than throwing rent money out the window. These are five reasons why you should find mortgage loans in South Carolina and start the new year off right!
Home Buying is One of the Best Investments, Regardless of the Economy
In uncertain times, the stock market can be risky and so are many other traditional investment avenues. Although the housing market may rise and fall, if you are looking for a long-term investment, buying a home is tangible, not just something that’s on paper. If you can secure a mortgage, then it is always a good idea to put money into the safest investment avenue – and real estate is it.
Renting is a Waste of Money
Renting is a waste of money. Sure, it makes sense under certain circumstances, but if you have the means to buy a home, then there is really no reason to continue renting. Often, the mortgage on a home is less than the monthly rental price. Paying rent will not produce any ownership that you can recoup, which means it’s just like throwing money out the window!
You Can Enjoy Tax Credits
When you rent a home or apartment, your landlord not only gains profits from the rental; they also get to write off the mortgage on taxes. Although tax laws vary at times, being able to write off a portion of your mortgage interest is a huge benefit for some. So not only are you building equity when you own a house; you can also deduct what you spend monthly from your taxable income, making it a win-win situation.
Steady Payments Make Budgeting Easier
Although there might be fluctuations in your monthly rent if you have your home insurance and taxes in escrow, what you pay on the loan remains constant for the term that you lock your mortgage in. With the rising cost of living, rent will need to keep pace, which means many people trying to renew their lease might be met with higher rental costs than they had last year. When you buy a home, you have more planning predictability, which is a huge advantage against the stresses that can come with rental rates on the rise.
You Have Freedom to Make It Yours
One of the best things about being a homeowner is that you can change, improve, and alter your home the way that you want. When you rent, any improvements that you make will not only benefit the landlord; you are also limited on what you can and can’t do. Making a house a home is usually about making it yours. As long as someone else owns the rental space, you have to deal with things being as they want it – not how you want it!
As we roll into 2023, now is an excellent time to consider finding mortgage loans in South Carolina and becoming a homeowner. Renting is nothing short of throwing money out the window if you have the means to buy. With interest rates on the rise, this is the time to lock in your rate and find the home of your dreams today! Contact HomeSpring Mortgage and let us find the loan that works for you!