As a homeowner you build wealth. How? Wealth is built through saving for a down payment and through appreciation of the property over time. Long term, real estate is consistently a great way to build a nest egg for the future.
You also have the benefit of the tax write-offs. There are many tax benefits for homeowners that are not available to tenants. Most people are able to write off some or all of the interest paid each year and property taxes. And, writing off property taxes is a big thing in Texas since those taxes are significantly higher than other states. There are also other tax benefits available for a few homeowners who are being transferred to another area, have medical issues, and even those who decide to sell.
But, as good as the tax benefits are, the main financial focus should be on wealth building for the future.
In Texas the median price of a home is $155,900. This amount is a .6 percent increase over last year. In Bryan-College Station the median price is $144,200. This is a 2.8% increase over last year. Even though much of the rest of the country has had a huge decrease in property values – you can see this is not the case in Texas as a whole, nor on the local level in Bryan-College Station.
The statistic that got my attention more than any other is this –
A home owner’s median NET WORTH is $184,000 while renters have a median net worth of $4,000. Which one do YOU choose?
Now that you know that being a home owner is a much better option for the future, call us and we’ll be glad to help you with the process, financing and choosing what works best for you.