Briggs Freeman Sotheby’s International Realty | Five Reasons to Buy

A top educational resource for real-estate professionals, Keeping Current Matters, recently reported that it is less expensive to own a home in Texas than to rent. One of the main reasons is interest rates remain at or near historic lows. There are many benefits to buying — and the agents of Briggs Freeman Sotheby’s International Realty can help maximize them.

In summary:

Homeownership can help build equity over time. The latest survey of Consumer Finances by the Federal Reserve, which includes data from 2010 to 2013, reports that a homeowner’s net worth is 36 times greater than that of a renter’s: $195,400 compared to $5,400.

Monthly payments will remain stable. When purchasing a home with a fixed-rate mortgage, the majority of the payment — principle and interest — remains constant. Conversely, rents continue to rise.

There may be some tax benefits. According to the Tax Policy Center’s online Briefing Book: A Citizen’s Guide to the Fascinating (Though Often Complex) Elements of the Federal Tax System, there are several tax advantages to homeownership, including potential deductions for mortgage interest and property tax.

One can take pride in ownership. Surveys show that a major factor in purchasing a home is the freedom to make it exactly as the homeowner would want — from paint colors to lawn accessories. No landlord’s permission is needed.

Homeownership improves your community. “Owning a home means owning part of a neighborhood,” says a recent study by the National Association of Realtors, “and a homeowner’s feelings of commitment to the home can arouse feelings of commitment to the neighborhood, which, in turn, can produce interactions with neighbors.”

The bottom line is there are many benefits to homeownership. “That is why,” says Keeping Current Matters, “it is still a critical piece of the American Dream.”

To see all the luxury homes, ranches and land offered by Briggs Freeman Sotheby’s International Realty across North Texas and around the world visit briggsfreeman.com.

This story was originally published October 29, 2017 at 12:00 AM with the headline "Briggs Freeman Sotheby’s International Realty | Five Reasons to Buy."