Deciding to move from renting to buying a home in Austin is one of the most important financial decisions you will ever make. Leasing has come with many perks: less commitment, fewer responsibilities, easy to move around…the list goes on. However, renting a home has cost you more than you think. While the months of rent payments have bought you a laid back lifestyle, that money has been going into someone else’s account. Wouldn’t it be nice if your monthly payment were not only providing a roof over your head but also going to work for you? Leasing has treated you well, but it’s time to look at how to better use your money, aka homeownership.
A Place to Call Home and A Sound Investment
Buying a home means monthly payments won’t go to a landlord. Instead, that chunk out of your paycheck will actually go toward your mortgage, where it’s very likely that you will not only get that money back someday when you sell, but you will have also have built equity. Real estate has been a long-standing sound investment, and after several years, your home is more than likely gained value. So, it’s time to stop throwing away monthly payments into a landlord’s bank account and start building up your own assets.
Save When You Spend
On top of homeownership providing you a sound investment, it also provides you with tax savings. Tax advantages can include making deductions on your tax returns using your mortgage interest, property taxes, and profits from selling. Typically up to $10,000 in property taxes as well as interest on the up to $750,000 of mortgage debt can be itemized on your tax filing. Talk to an accountant about how you can save even more by owning a home.
Opportunity for Additional Income
Investing in a home purchase can also provide you with long-term income. When you’re ready to move out, it doesn’t necessarily mean you have to sell. Maintaining and managing a second home to rent is an excellent opportunity to generate passive, secondary income.
Wouldn’t it feel great to be putting your monthly housing money back into your own pocket? If it’s time to move on from renting and time to start moving into owning your own home, contact Sage Wilson Property Group. We have years of personal experience in renting and buying as well as professional expertise in helping clients buy and sell all over Austin.