There are 3 main advantages to moving from renting to homeownership in today’s market.
Tax Savings
Deduct the cost of your mortgage loan interest from your state and federal income taxes. Additionally, you may deduct a portion of your property taxes.
Appreciation Potential
Real estate is a good long-term investment. Over the last ten years, appreciation in the Portland Metro area averaged 4%. Additionally, as you pay down your mortgage loan, your equity (wealth you have in your home) increases.
Stability
A fixed mortgage payment will not increase for 15 to 30 years, whereas Portland area rents increased an average of 6% this past year.
Bonus Fact
Homeowners don’t move as frequently as renters, tend to volunteer in the community more, and enjoy a net worth 34 times as much as a renter.
If you’re ready to make the switch from renting to owning, contact me!
tomkerrhomes.com 