With 2024 upon us, many of us start thinking about setting resolutions.
Make buying a home or an investment property your New Year’s resolution. It can be a substantial, rewarding, and life changing goal for multiple reasons!
First and foremost, home ownership is a foundation of building the American Dream.
Per Forbes magazine: “Home ownership has long been accepted as a core component of the American dream, as it confers several economic benefits on homeowners, including the ability to accumulate wealth by accessing credit, building equity and reducing housing costs.”
Building Wealth
Instead of spending money on rent (which contributes to the equity of others), purchasing a home allows individuals to build equity over time. This equity can serve as a form of savings and investment, as real estate almost always appreciates in value and providing a secure financial foundation for the future.
Laying Down Roots
The stability that home ownership offers can contribute to a sense of security and well-being for individuals and their families.
Furthermore, owning a home offers stability and a sense of belonging. It provides a place to create lasting memories, build relationships, and establish roots within a community.
Serious Tax Advantages
Additionally, owning a home can offer some nice tax benefits. Deductions for mortgage interest and property taxes can significantly reduce taxable income, providing potential financial advantages for homeowners. These tax benefits can contribute to long-term financial planning and savings…and talk to your financial professional for the specifics.
Financial Independence and Long Term Investment
Moreover, purchasing a home can be a step towards financial independence and building generational wealth. Property ownership can lead to increased net worth over time and serve as a valuable asset to pass down to future generations, providing stability and opportunities for family members.
Finally, buying a house as a New Year resolution signifies a commitment to a long-term investment in oneself and one’s future. It requires planning, discipline, and financial responsibility, instilling valuable habits that can benefit individuals well beyond the purchase of the home.
Contact Tom For More
Please do reach out to me to discuss how you might be able to make home ownership a reality in 2024, as it would be my pleasure to help!
The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deductions.
