Life is unpredictable, as anyone who has lived for any length of time probably knows pretty well. Sometimes, even when things seem to be at their best and going smoothly, out of the blue, life throws us a curveball. Certainly, many of us probably feel like that right now, as we find ourselves in the middle of an unprecedented pandemic. Without question, COVID-19 has changed life as most of us know it, at least for the foreseeable future. We have all been suddenly thrown into this new reality of social distancing, mask-wearing, and constant hand-washing, and it is understandably unsettling.
Fortunately, however, one of the only things that we can know for certain about our circumstances, and about life in general – is that they will, eventually, change. As the old saying goes – change is the only constant. The good news is, that this is true of our current situation as well. It will come to an end, and life will move forward. Better circumstances are around the corner, and we should look forward to them, even if we aren’t yet sure when exactly that will be.
While we can’t predict the future, one thing that we can do is prepare for it. While we can’t plan for everything, many of us do feel reassured by making choices for the long-term that offer us safety, security, and peace of mind. From a real estate perspective, for many families, this may mean giving serious consideration to the purchase of their own home.
Why Purchase Your Own Home?
Without question, the number one advantage of home ownership for many is having a place to truly call your own. A home is a place to live out life’s moments – big and small – with the people that we love. It’s a place to make memories, a place where we are free to be ourselves and to enjoy what each day brings. Beyond this priceless and intangible value, however, the purchase of a family home offers much in the way of stability and security too – and that is something many will understandably be craving after these uncertain times. Some of those advantages include:
- Predictable Housing Costs: Home ownership offers the assurance of steady and predictable housing costs. Unlike rental prices, which may fluctuate often with the whims of the market (or the landlord), a mortgage gives owners a certain peace of mind in being able to rely on what their fixed monthly payment will be. This allows owners to plan ahead and budget – and to try to save effectively for any rainy days or uncertain circumstances that may arise in the future. The peace of mind that comes with being able to make long-term financial plans should not be underestimated.
- Tax Benefits: Home ownership also offers significant tax benefits, including the ability to deduct the interest and property tax portion of your mortgage payment. This gives homeowners the opportunity to save extra money in the event that it might be needed, which can particularly reassuring in uncertain times.
- You Can Build Equity: As a result of the current pandemic, we have seen stock prices drop dramatically, leaving many people dismayed about the state of their investment accounts. As a result, many have begun to realize the tremendous value of having an asset that is not directly tied to the market’s immediate fluctuations. A house is one such investment – one that typically grows steadily over time, and offers some insulation from the immediate effects of a volatile market.
When the financial benefits and peace of mind offered by home ownership are considered in combination with the priceless emotional benefits, purchasing a home is something that many are likely to consider when the dust begins to settle from these unprecedented events. Will you be one of those buyers? If so, we’re here to help.
Contact GayRealEstate.com Today
If you feel uncertain and unsettled by the circumstances in which we currently find ourselves, you should know that you are not alone. We are all in new territory, and we are all finding our new normal. But one thing is certain – we will get through this, together – and together, we will emerge stronger on the other side. At GayRealEstate.com, we want you to know that we’re here for you – whatever your buying or selling needs, during this pandemic, or after, we’re here to help you find the perfect agent who can make your real estate goals a reality. Contact us any time – we look forward to helping you soon!