This time of year has a lot of people working on taxes and thinking about their finances. If you’re currently renting, let’s talk about some of the financial benefits of homeownership! As your Lake Nacimiento real estate agent, I’d like to fill you in on some financial benefits, and to offer my assistance when you feel ready to buy in the Lake Nacimiento real estate market. Whether wanting to buy a permanent home or vacation home, I am here to help!
1. When you own a home, you receive tax breaks. Because it’s tax season, it’s important to talk about the tax advantages of homeownership! Did you know that both the interest and property tax portion of your mortgage is a tax deduction? If the balance of your mortgage is less than the total price of your home, the interest is 100 percent deductible. There are other deductions you can take as well, such as a home office deduction. Work with a tax professional to make sure you get the best benefits on your return!
2. Monthly payments are predetermined/predictable. When you rent, your landlord could increase your rent whenever he/she sees fit. What you start at in rent is most likely not what you will end at. It’s hard to plan for your future when your housing costs are not set in stone. As a homeowner, if you have a fixed-rate mortgage, your monthly cost will always remain the same. This takes the unknown out of the equation and helps you save and better plan for your future. With mortgage rates so low right now, you can get more home for your money as well.
3. You won’t always have a housing payment. If you stay put in your home for years, you could actually pay off your mortgage! Many homeowners forget this, because it’s such a foreign concept to even imagine living without a monthly housing payment. But unlike with rent, there is an end in sight. Your monthly payments are working toward something. When you rent, payments never come to an end, you are just helping your landlord pay his mortgage. Imagine what you could do with all that extra money each month! Plus, when you go to sell, you see that money you paid toward your mortgage again. When you rent, that money is gone forever.
So, are you ready to buy a permanent home or vacation home in the Lake Nacimiento real estate market, or anywhere on the Central Coast? Our Oak Shores Realty team is standing by, ready to answer your questions about the home-buying process and the local market, and ready to guide you through the entire process. The sooner you start, the sooner you will be settling down in your new home, just in time for the exciting summer season at Lake Nacimiento!
Give us a call, let’s find you your dream lake home!
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.