Buying a home is the most expensive and important financial transaction most people will ever make. It’s also the strongest tool and best hedge they will have in their portfolio to fight inflation. While money invested in a stock may go down, historically, your home appreciates in value over the long-term. And as you build equity in your home, you increase your overall net worth.
Benefits of Owning Your Home:
- A fixed-rate mortgage offers a predictable monthly payment, even with the changes in tax and insurance costs.
- The interest you pay on your mortgage, insurance premiums and property taxes may
- be deductible. Consult your tax advisor for more information.
- You can make any changes and renovations you desire, without asking for your landlord’s permission.
- When you have a HELOC (home equity line of credit), you can tap into it for home improvements, renovations or other needs.
Homeowners in 2022:
- Gained an average of $34,300 in equity in the third quarter
- Had an average of $300,000 in total equity.
- Sold for a median of $85,000 above the purchase price
If you, or someone you know, are interested in a more in-depth analysis of how much your home has appreciated since you purchased it, please reach out! I’d be happy to create a report for you.