According to a recent Harvard study, there has never been a better time to invest in real estate. In fact, buying a home on the Eastern Panhandle is considered a great investment for five solid reasons— ranging from the cost between renting and owning a home to tax benefits. Don't wait until the spring and summer seasons to begin looking for homes in Charles Town, Ranson, Shepherdstown, Harpers Ferry, Martinsburg, Inwood, Falling Waters, and Hedgesville, now is the time to invest before mortgage rates and housing prices rise even more and before more homebuyers flood the market to spark additional competition for homes.
In this new study out of Harvard University, entitled The Dream Lives On: the Future of Homeownership in America, four prominent reasons that Eastern Panhandle homebuyers should buy a home are discussed:
Housing Is The One Leveraged Investment Available
When homebuyers consider buying real estate in West Virginia, undoubtedly one of the biggest reasons that arises is staking claim in a home and how much of an important investment real estate is. The study agrees, saying:
"Homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.”
The Cost of Renting Vs. Owning
This is also commonly one of the biggest reasons homebuyers agree to buy homes on the Eastern Panhandle
. Whether you rent or own the home you live in, you're still paying for it— and chances are if you're renting, you're paying too much. When you buy a home on the Eastern Panhandle, you are paying toward your own principal, when you rent, you don't have that option. In fact, you are paying toward the principal of the landlord, more often than not with nothing to show when the time comes to move.
Saving Can Be Troublesome
When you think about saving for a new home or saving to make the switch from renting to owning, it can be hard to force yourself to put the money away. When you own a home, it can help stop you from putting off saving for another day. As the study says, you have to make a housing payment one way or the other, owning a home can help you overcome that tendency to procrastinate on saving.
Owning Has Tax Benefits
Tax benefits can not be seen in renting, but are available when you become a homeowner in Jefferson or Berkeley County
. You are able to deduct mortgage interest and property taxes from your income when you own as well as other benefits for both single households and married couples when you decide to sell your West Virginia real estate
for a gain.
As you can see, homeownership has many pros, especially if you act on the rates and housing prices this time of year. Avoid the spring and summer buying frenzy— with the Kable Team, you can become a homeowner this year, move into your dream home, and start reaping the benefits of homeownership. Have questions? Contact us!