When the time to move comes, you’re faced with the option of buying or renting. Both have their pros and cons, but which choice is right for you and your family’s needs? If you’re ready to make a long-term commitment and are confident with the location you’ve chosen, buying is a great option for many different reasons.
A Great Long-Term Investment
Buying Nashua NH houses for sale can create many financial opportunities you can look forward to every year. You could, for example, pay off the home entirely and then rent it out to tenants. This gives you a nice stream of income every month, which you could invest further into other properties or possibly a retirement fund.
Homes also appreciate on an average of 2 to 5 percent every year, giving you a great opportunity to profit under fair housing market conditions. While you can never predict how the housing market will behave, it has been relatively stable the past few years. The trick is to buy properties in a buyer’s market and sell during a seller’s market.
Owning a home also gives you the chance to save some money, as what you pay ends up in equity, whereas all rent money is gone forever with nothing to show for it. Mortgage payments stay relatively stable too, especially fixed mortgage loans payable over 15 to 30 years. Even if you opt for an adjustable rate mortgage, your monthly payments will stay within a set range. This isn’t the case when you rent a property as rent can always be increased, within certain limits. Generally, rent gets raised each time you renegotiate your contract with landlord or owner.
Freedom and Creativity
Renting properties can stifle your creativity because landlords generally want things kept exactly the way they were when you moved in. You’ll also be required to ask their permission for small customizations, such as painting or decorating the place how you would like it. This isn’t a problem when you purchase Nashua NH houses for sale.
You can do whatever you like as long as the customizations are in line with codes and regulations set forth by the state or community you live in. You may, for example, get the urge to install a taller fence for greater privacy or design a custom deck for additional outdoor living space.
In addition, you’re limited when it comes to space a lot of times when you rent an apartment or condo. Homes, conversely, give you plenty of space because they generally come with a yard. You and your family can spread out and enjoy daily activities any time you want.
Tax season is always a stressful time and you may have to dip into your savings to pay taxes due. Fortunately, when you own a home, you gain access to many tax deductions that let you save money. A mortgage deduction, for example, allows homeowners to deduct the mortgage interest from their taxes. Since interest is one of the larger components of paying a mortgage, you can save a lot of money when it comes time to file.
For the first year you purchased the home, you’ll be able to claim points on your loan because of the closing costs. This is true even if the seller took care of some of the closing costs. Lastly, you can deduct the real estate property taxes you pay on your primary residence every year.
If you’re still on the fence about buying or renting, think of all the extra savings you could get by purchasing. As long as you buy the right property and properly time the real estate market, you can make a smart long-term financial decision that you won’t ever regret.
Buying Nashua NH houses for sale may seem like a dream, but not impossible if you use the right strategies. Hire an exclusive buyer’s agent to make it easy to find the home you want. Give us a call at Buyer’s Option Realty Services for a no-obligation consultation if you’re thinking about buying Nashua NH houses for sale. 603-881-3800.