Owning a home in Charlotte NC still beats renting, even in this market. So many people look at home-ownership as a short term investment when they should be looking at it as a long term journey. In the past few years the real estate market created an expectation of instant equity and the ease of selling for profit, this was the exception not the norm. Many buyers have come to expect this hyperinflation in the housing values which has played a role in the state of our current real estate market with underwater mortgages, short sales and foreclosures. However, for savvy homeowners and first time buyers that "get" that home-ownership is a great investment, they also "get" that owing a home in Charlotte, NC still beats renting.
Below is a list of the benefits of home-ownership:
1. Appreciation over the long term has always outpaced inflation. Have you ever spoken with someone who has owned a home for 20 or 30 years and were astonished at how little they paid for it?
2. Mortgage Interest and Property tax deductions. You are able to deduct the interest and property tax you pay every year on your home off your income tax, you can't do that if you are renting. We don't have many tax breaks left, take advantage of them!
3. Pay down your mortgage balance and build equity. As you make payments and owe less on the mortgage balance your net worth increases regardless of what the market is doing. When you rent the money is gone and you have nothing to show for it.
4. If you rent you are paying a mortgage; someone Else's. Landlords are smart enough to know that owning real estate is a great investment, they even get someone else to pay for it - YOU! Besides, you have to live somewhere anyway why not benefit from it.
5. If you own your home outright (and hopefully one day we all will) you will significantly lower your overhead. As many as 40% of all homes in the US are mortgage free. Do you hear those people whining or asking for a bail out - I think not. These individuals have financial freedom, power and control that many of us don't, but can only dream about.
Are you still not sure if owning a home in Charlotte, NC still beats renting? Well let's try this on for size, today's interest rates are hovering in the low 4's and it is estimated that in some markets home prices are as low as they were 10-15 years ago. That is probably as good as it is going to get in my lifetime. Many buyers are afraid housing prices will continue to drop or maybe interest rates will go down some more too. I say no one will know exactly were bottom is until we are on the way back up, then everyone will be able to look at the charts and graphs and say there it was! We are as close to bottom as it gets and if you sit on the fence waiting you will most likely end up buying once the market starts to go back up, along with interest rates and you will have gained nothing. If you are going to buy a home think long term 10 or more years. I guarantee you when you look back you will know that owning a home was one of the best investments ever made. I guarantee you that owning a home in Charlotte, NC still beats renting!
If you would like to search homes for sale in the greater Charlotte, Matthews, Mint Hill and surrounding areas, you can see for yourself what is available. If you would like to meet with Jennifer Manchester about the benefits of buying a home in the Metro Charlotte, NC area visit her at www.JenniferManchester.com to schedule an appointment today!
This article was written by: Jennifer Manchester. If you want to learn more about Staging your Charlotte, NC home to sell contact Jennifer Manchester at www.JenniferManchester.com and make an appointment to give your home a competitive edge and use the ultimate home seller's marketing tool to beat out your competition and get your home sold faster.
If you would like to search homes for sale in Charlotte, NC or search homes for sale in Matthews, NC or search homes for sale in Mint Hill, NC and surrounding areas, you can see for yourself what is available. If you would like to meet with Jennifer Manchester to discuss buying or selling your home in the greater Charlotte, Matthews, Mint Hill area visit her at www.JenniferManchester.com to schedule an appointment today!