Each year your property increases in value. That means the sooner you buy a property, the sooner your money can start working for you. You don’t have to lift a finger! The current market projections indicate that Florida is on an upward trend. Prices are lower now than they will be next year and the year after. Buying now can create a snowball effect on your money at 7% per year increase in property value.
The interest you pay on your mortgage is a tax write-off. For example, if you paid $10,000 in interest this year, you can deduct that amount from your total income and pay fewer taxes. That’s a huge savings whether you’re single or married!
Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. Paying on your own mortgage means you are building wealth for yourself. Each mortgage payment gets you closer to owning your property, a valuable asset in your portfolio.
Utilizing your buying power and consistently making on-time payments to the bank bolsters your credit score. Banks like to see your track record and a mortgage does a good job at demonstrating how responsible you are.
If you want to paint that accent wall to match the hand stitched blanket you bought in Guatemala, go right ahead! With ownership you have the freedom to make any design decisions you want. You can be creative and channel your inner Joanna Gaines. In fact, if you make any updates, that will increase your home’s value and you will likely get a return on your investment. Talk about a double home run!
Want more insider information from experienced real estate agent, Marina Solo? She’ll send you a checklist of characteristics every good realtor should have. Leave us your email address and we’ll send you the checklist for free.