One of the biggest reasons that people choose to stay renters instead of purchasing real estate in Phoenix is because they think they can’t afford homeownership. This is perhaps one of the biggest myths that circulates throughout the real estate market in Phoenix and, actually, throughout the entire nation, that owning a home is expensive. While this may be true in some way, shape or form, the truth is, however, that most people can’t afford NOT to become a homeowner.
Did you know that when you own a home you get tax deductions? When you file your taxes you’re able to deduct things such as mortgage interest, property taxes and sometimes even upgrades you might make to your home. Obviously you don’t get to deduct your rent or your renter’s insurance when you’re a tenant in someone else’s home. Purchasing real estate in Phoenix is also an investment. When you rent from someone else you’re essentially kissing your money good-bye because you’ll never see it again. When you obtain a mortgage for purchasing a home from the real estate market in Phoenix, it’s essentially an automatic savings plan because you’re building equity in your home; when you sell your home you earn that equity that you’ve been paying towards. Owning a home also saves you money in the sense that the interest rate on your mortgage won’t ever increase and your monthly payments will stay generally the same; as a renter you can almost guarantee that rental amounts will rise on a regular basis, making it harder to afford a place that suits you and your needs.
Buying real estate in Phoenix is seen as one of the best investments out there. If you think you can’t afford to own a home, then you need to speak with a real estate agent in Phoenix. Chances are you’ll be better off financially once you stop renting and purchase a home from the real estate market in Phoenix.