There are so many reasons to buy a new home in Contra Costa, it would be impossible to list them all here. That is why today, we’re only going to focus on the financial benefits of doing so. Beyond the long term stability, freedom to do as you please, and predictability reasons to own a home, there are numerous financial incentives to own a home. Homeownership pays off big time!
Home ownership is full of financial benefits! We understand that purchasing a new home can be a bit overwhelming. This is why we want to remind you all the reasons that this is what’s best for you financially, both in the immediate future and in the years to come.
Benefit #1 You can better save for retirement
The idea of homeownership as a direct way to build your net worth has met the test of time. The numbers are very clear. Homeowners 65 and older have 47.6 times greater net worth than renters. You don’t want to work for the rest of your life and owning a home allows you both the stability and additional finances necessary to fully retire one day.
Benefit #2 It’s an investment
Houses build in value. While the real estate market in Alameda Counties isn’t always as hot as it is right now, it is always trending in the direction of building wealth. Real estate has earned 3-4% per year historically, meaning it grows a little over time.
Benefit #3 You’ll be better off financially
Purchasing a home is generally regarded as a good investment compared to renting because you can build equity. When you rent, all you do is pay someone else’s mortgage! What if they raise the rent? You’ll be forced to pay more or move, both of which are going to take additional money. When you own your home, you know exactly what your monthly mortgage will be for as long as you decide to live there. It could be the next 30 years! Imagine purchasing a home for $700,000 today and living there for 10 years. It’s very possible that home is worth a million dollars when you decide to move. You’ve just made a lot of money, and that money is yours- not a landlord’s or property management company’s.
Benefits #4 It’s one of the best ways to build generational wealth
This isn’t only beneficial to you, but your children and grandchildren as well. Owning a home allows for you to build wealth! Recently, the Federal Reserve released the Survey of Consumer Finances. Their findings confirmed that homeownership is a clear financial benefit. The survey found that homeowners have forty times higher net worth than renters ($255,000 for homeowners compared to $6,300 for renters). That’s an amazing difference!
The Frazzano Tse Team is here to make your homeownership dreams come true! All of these benefits, and more, can be yours when you contact our Contra Costa real estate team in regards to buying a new home.