Why Buying a Home in 2023 is a Great Idea
While people tend to think about inflation as being high with mortgage rates, in the not-so-distant past, I had a mortgage rate of 7.25% back in 2008. While today’s rates are not as high as they were some 15 odd years ago, it’s still a great time to buy a home.
Today, I’d like to explore a few reasons why you should consider buying a home here in Southwestern Virginia, so let’s begin.
Rates are Still Favorable
Favorable Interest Rates: Interest rates on mortgages can have a significant impact on the overall cost of homeownership, we all know that. Although rates have gone up over the last year and a half, you can still get some good rates of roughly 5% or less.
One thing you can do is work with a local mortgage agent about various programs that can help get you into a pre-approval process. Once you have that, you’ll be able to work with Brenda and her team on finding something that not only fits your needs, but your budget too.
Homes Increase Value Over Time
Appreciation Potential: Historically, real estate has shown a tendency to appreciate over time. By purchasing a home in 2023, you have the potential to build equity and benefit from future price appreciation, which can be a valuable asset for your financial well-being.
I can tell you that in the last 7 years of buying a home from Brenda, we’ve seen a $115,000 increase in the value of our home, so think of your home as an investment that will grow over time and most property does gain value in the long haul.
Uncle Sam Can Help You Too
Did you know that owning a home often comes with tax advantages?
Depending on your location in our region, you may be eligible for deductions on mortgage interest, property taxes, and certain home-related expenses. These tax benefits can help reduce your overall tax liability and increase your disposable income.
This can save you from a few hundred bucks on your taxes to several thousands depending on the circumstances.
A Home offers you Stability and Security
Owning a home provides a sense of stability and security. When you own a home, you have control over your living space, and you don't have to worry about fluctuations in rental prices, landlords or the risk of eviction. Homeownership also allows you to establish roots in a community and create a sense of belonging.
Stability also comes in the form of your kids going to the local school system, you driving the same roads to work everyday and just having a sense of belonging to the neighborhood.
Customization and Personalization
When you own a home, you have the freedom to customize and personalize it to your liking. You can make renovations, paint the walls, create a garden, and make any modifications that suit your lifestyle and preferences. This level of personalization is often limited to rental properties.
Possible Rental Income Potential
If you're considering buying a home as an investment property, 2023 could be a good time to enter the rental market. Demand for rental properties tends to remain steady, and if you're able to find reliable tenants, rental income can provide a source of passive income and potentially help offset your mortgage payments.
I would recommend this route if you have some additional funds to use towards a property and you want to make additional money that way. It’s not easy, but the rewards can be beneficial.
It's important to note that the decision to buy a home should be based on your personal financial situation, long-term goals, and market conditions.
Reach out to the experts at Next Door Realty Group and ask to assess your specific circumstances before making a decision. Brenda Bratt’s team can help guide you to the right people to help make your dream of owning a home a reality.
