Retirement Living in Williamsburg
Live Your Dreams, Follow Your Passions, Create New Memories

Why Should You Own a Home?

Information for Buyers

Some people like the flexibility that comes with renting. When you rent, you can live in a neighborhood for as little or as long as you want. You're also free of most maintenance responsibilities – your landlord usually handles repairs.

Of course, there are many other reasons owning a home can be beneficial. These are just a few....

Build Equity

In the early years of most mortgages, the majority of your monthly mortgage payments go towards interest on your loan. Over time, an increasing amount of the monthly payment goes toward reducing mortgage balance, or "principal".
 
As you make payments, you reduce the principal and increase your share, or equity, in your home's value. If your home increases in value through appreciation, your equity will build even faster.

Building equity or savings in your home is necessary. For many people, it lets them plan for retirement and other future goals.

Gain Tax Advantages

You are allowed to deduct mortgage interest and property taxes from your federal income tax and some states' income tax. These deductions can mean significant tax savings, especially in the early years of the mortgage when interest makes up most of the monthly payment.

After calculating your taxes, you may find that it's cheaper for you to buy than to rent.

Rely on Payment Stability

If you select a fixed-rate mortgage, you will pay the same monthly principal and interest payment for the term of your loan. Unlike renting, this type of payment will remain the same month after month, even when inflation leads to higher prices. However, your total monthly housing expense could vary if tax and/or insurance expenses change.

Rolf Kramer
Liz Moore and Associates
Ph: 757-564-4455Fax:757-240-2584
5350 Discovery Park Blvd.
Williamsburg, VA 23188 US
License # 0225077098
www.retiringinwilliamsburg.com
Home Page Williamsburg Info Why Retire in Williamsburg Search MLS Neighborhoods Area Attractions and Events Find My Dream Home Williamsburg Market Community Groups Homes for Sale in Fords Colony Request Relocation Info Dining In the Williamsburg Area Buying Your Home Government, Schools, Transportation Why Do I Need a Buyer's Agent Cost of Living Calc Maps Medical Facilities Lifestyles Property Tax Rates Newspapers Crime Statistics Places of Worship EPA Radon Risk Map for Virginia Public Waterway Access Shopping Weather William and Mary College Active Adult Communities Golf/Country Club Living Gated Communities Search for Land Living On Or Near Water Urban Living Suburban Living Local Partners Independent/Assisted Living/Continuing Care Financing Your Home Buyer Reports Local Lenders About Rolf The New Realty of Property Insurance Articles Calculators F.A.Qs Mortgage Glossary Real Estate News Daily Cartoon Testimonials Real Estate Glossary Contact Rolf Privacy Policy Colonial Heritage Fords Colony Four Seasons at New Kent Vineyards Governor's Land The Settlement Homes For Sale in Kingsmill WindsorMeade
Powered by LinkURealty - Real Estate Web Design & Websites