Besides finding a great home amid a friendly and active community, there are a number of benefits of purchasing property for sale in Kennewick WA. Here are five top reasons to consider investing in real estate today.
1. Homeownership is an Equity Gaining Investment
Homes typically appreciate over time, which creates equity. Each mortgage payment made goes partially towards interest and the rest towards the principal balance. Equity is essentially the bulk of the principle you’ve paid into the home.
2. Use Home Equity to Make Additional Investments
Home equity can be used as leverage to invest in another property as a portfolio asset, to make home repairs or remodel, pay for higher education, etc. A home equity line of credit can open the doors to greater opportunities for financial freedom or greater life satisfaction.
3. Enjoy Homeowner Tax Breaks
To encourage homeownership and stimulate economic growth, the federal government offers home buyers several tax incentives that can tremendously lower their federal tax liability each year. Some of these deductions include:
- Property Taxes
- Mortgage Interest
- PMI Payments
- Certain Home-Related Expenses
- Certain Home Improvements Also Qualify for Tax Breaks
4. Be in Charge of Your Domain
Renters aren’t typically allowed to make any type of major changes to the interiors or exteriors of the property. However, homeowners have the freedom to paint walls, redo landscaping, update the bathroom or spruce up the back yard and so on at will, so long as it doesn’t violate any local codes or HOA/POA restrictions.
5. Know Your Housing Costs
Rents will fluctuate over the years, and usually not in your favor. However, a fixed-rate mortgage ensures that your payments will remain the same for the term of the loan, and even ARMs stabilize at certain limitations. You’ll also enjoy having a better idea of your monthly utility costs as an owner.
If you are interested in learning more about property for sale in Kennewick WA, contact the real estate team here at Retter and Company.