Weighing the Costs and Benefits
Home ownership brings a lot of added responsibilities. But it also has its advantages.
- Monthly mortgage payment
- Your down payment – as low as 3% of the sale price
- Closing costs –typically 3% to 5% of the loan
- Taxes & insurance
- Repairs & maintenance
- Homeowner association dues or assessments
While these costs will vary from home to home, you’ll want to know what they are before making a final purchase offer.
- Your home may appreciate in value over time
- You can increase your net worth by building equity through monthly principal reduction payments
- Your home is your own – you can do what you like with it to reflect your lifestyle
- You may save money at tax time by deducting mortgage interest and property taxes*
- A home offers stability, especially as your children grow up. It’s a place where you can live the life you want, and where you can create the memories of a lifetime.
* Consult yout tax advisor