Your Northern Colorado home builders want to remind you about the many benefits of owning a home. Your custom home is your castle, and there are also several advantages of owning your own custom home. Here are a few reasons owning a home is better than renting.
One of the best reasons to seriously consider owning a custom home is because, at the moment, borrowing money is cheap. Interest rates remain at historical lows, meaning your house payments are lower. Over the long run, low interest rates make owning a home cheaper than renting.
Your rent will go up on a regular basis, but your 30-year fixed mortgage will always remain virtually unchanged. If you are paying, say, $1,000 a month for rent right now, that could easily become $1,500 in five to ten years. But if your mortgage is $1,200 a month, you will still be paying $1,200 a month 10, 20, 25 years down the road.
Although real estate values fluctuate, going up and down, over the long term house values go up. And as your home is gaining value, your debt is going down. So with every house payment you make, you owe less on your home.
Want to get more tax savings? Interest on loans tied to real estate is deductible. So this is another way owning a home is saving you money.
Stop wasting money on rent payments. When you rent, you aren’t investing in anything except your landlord’s future. When you own a home, your loan amount is going down and property value is going up.
Give us a call and let’s discuss your long-term investment.