There is much to consider when purchasing a home in Medina or Cuyahoga County this year, especially if this is your first time doing so. But given the current state of the real estate market, with rising housing prices and interest rates, waiting just doesn’t make sense anymore.
A study released out of Harvard University last year took a look at the future of homeownership in America and cited five top reasons to purchase a home, one of them being it is the best long-term investment to make right now. If you’ve been mulling over why or when to purchase a home in Strongsville, Medina, Hinckley or Brunswick, be sure to take these into consideration:
Housing is the best long-term investment
Very few people today are interested in purchasing stocks and bonds, especially if it requires taking on a loan. However, homeownership is striking most as the better option. “Homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor,” the Harvard study states. “Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity.”
You have a housing payment either way
Think about it this way— regardless of if you rent a home or buy a home in Medina County, you still have a housing payment. If you rent, it just happens to be that you’re paying down the mortgage of your landlord. When you own a home, you’re paying down your own principal.
There are tax benefits for homeowners
When you own a home, you do have significant tax benefits that come along with the territory. Homeowners are able to deduct mortgage interest and property taxes from their income, thus making homeownership the better option over renting.
Whether this is your first time buying a home in Ohio or you’ve been through the process before, BOLD Real Estate Consultants can help you make the best decision on your real estate investment. Contact us today!
Sajag Patel
BOLD Real Estate Consultants
440-879-7260
