Owning a Home
For many people a home is their most valuable asset. Even considering the free-falling home prices during 2008 and 2009, owning a home is still often the biggest and most valuable asset a family has.
So, does that mean you definitely should own your home? Or are you better off renting?
Over the past 20 years home prices nationwide averaged gains about 3-4% per year. That is even during a time of homeownership boom. However, those statistics can be a little misleading because states like Arizona saw greater gains than those. But Arizona has also seen home prices fall dramatically too when the recession hit.
When buying and owning a home, it often is better to view a home as more than just an investment. Here are a few reasons to own:
Homeownership offers tax advantages. These tax advantages may require a CPA to figure out but every homeowner knows that the interest you pay can help you come tax time.
Homeownership is a type of savings. In the future you can have the option of selling your home or doing a reverse mortgage and taking money out.
Statistically, those who own a home tend to have a higher net worth than those who rent. And real estate is usually a good hedge against inflation.
We have a hard time giving any good reasons to rent versus buying a home. However, if you are someone who may move in the near future renting likely makes more sense.
If you own a home, please consider us for your Arizona Homeowners Insurance. Click this link for a quote.
Or call our office at (480) 659-0229 and ask for Gary.
