Lexington is one of the best places to own a home in the country. There are some excellent properties on the market in Lexington, and owning a home may allow you to reap some of the benefits. Such a home buying process can seem exhausting, especially without a real estate agent. But there are quite a few reasons why you should put up with the pain and get into property ownership in Lexington. Here are some of the benefits of owning a home in Lexington.
Why this might seem odd, but spending money on a mortgage can save homeowners money. The United States Tax Code is written to favor homeowners. When you pay for things such as property taxes and your mortgage, it can be deducted from your return. That means you may have more money coming back to you during the tax season. Besides, there are certain costs during the home buying process that receive lower percentages of tax and become capital assets if you consider the allowable exclusion for property costs during the purchase.
Properties usually increase in value over time. For instance, according to the Price-Shiller Index, on average, the price of existing houses increases 3.4 percent annually from 1987 to 2009. While the rate of the annual percentage may seem small, given the S&P index of 500 stocks increased about 30 percent in 2013. But 3.4 percent over 30 years is still a big deal.
Equity is known as the amount you own by putting down the principal part of your loan. The longer it takes to complete your loan, the more equity you will have in it. And that makes you a reliable borrower to lenders, thus increasing your credit score. Also, it means you will be able to reduce your obligation on your mortgage on your way to outrightly owning the property. With that equity, you can borrow equity loans out against the share of the mortgage you own; this gives you a much better rate than a personal loan.
Pride of Ownership
Owing your home can give you peace of mind. The pride of ownership also gives you the ability to have the prestige that is associated with owning a property. When you purchase your dream home, you are preparing to settle down with your family and create lifelong memories. It is also a source of financial security. Once you completely pay off your mortgage and own your property, you will have a valuable asset in your portfolio.
Freedom To Make Changes
When you are weighing your options as to whether you should keep renting or purchase a home, one of the biggest factors to consider is usually the ability to make changes that homeownership offers. A significant benefit of owning a home is the freedom it gives you to make changes.
If you are in the process of looking for real estate for sale or beginning the home buying process, then the team at Crystal Wallace Real Estate is here to help. We are the right real estate agency for people looking for homes for sale in Lexington SC.