The Advantages of Home Ownership
If you have been renting for some time, you may already be considering buying your own home or condo and becoming a homeowner. While renting can be advantageous under certain conditions, homeownership carries a number of benefits that renting cannot match. And of course, homeownership is an integral part of the American Dream.
Rents in the San Francisco/Bay Area are sky-high and often it is cheaper for people to own their own home or condo in this market. Clearly, the exact individual circumstance dictates what is prudent and advantageous here.
Interest rates remain low at this time and although they are likely to go up, homeownership remains attainable. The biggest issue with increasing interest rates is the size of down payment home buyers can afford.
You might be tired of renting because your needs for space have changed, because there are maintenance or management issues for your rental, or because you understand the financial and emotional benefits of owning a home. These benefits include:
The ability to build equity every month.
Mortgage Tax Deduction Benefits
Building Wealth over Time
Living in the home or condo of your dreams
Consider your situation, then make your move toward homeownership.
If you are considering selling property in San Francisco, click to get your free preliminary market analysis.