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My friend Michael doesn't believe in homeownership. His argument is essentially, "Why should I buy a house? It's expensive and a lot of work. I don't want to be tied to one location forever. It's easier to rent."

Well... I disagree. Here's why:

Buying a home is one of the best investments you can make and a house is the largest asset most families have. Home values tend to rise over time, building equity without any additional investment. The best part is you don't even have to sell the house to use the equity you have!

You can lock in your housing costs. Everyone knows that rent goes up. And up, and up, and up. With a fixed mortgage your housing costs are much more stable over time. While your property taxes and insurance cost may change, your principal and interest payment typically does not. (Unless you have an adjustable mortgage, but that's a topic for another post.)

You pay less tax!!! Since the interest you pay on your mortgage is tax deductible, your home helps lower your tax bill.

If you decide to move, you can rent out your home to cover the mortgage. Two words: Passive. Income. A check coming in every month that I don't have to work for? Yes please! If you don't want to deal with managing a rental you can always hire a management company.

You make the rules. Purple front door? Shiplap everywhere? Six dogs? Sure!

These are only a few reasons why homeownership may benefit you, but of course everyone's situation is different. Give me a call to talk about your options.


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