Loving Your Portland Home Equals Loving Your Community
While some people are hesitant to buy into a real estate market that seems to still be bottoming out, many studies have shown that owning a house is an investment in your future and that of your community. From tax breaks to property taxes, being a Portland home owner can put money in the bank. It also gives you a sense of pride in contributing to community institutions such as the police force, local government offices, fire stations and free medical services.
Did you know that statistically you and your neighbors are more likely to properly maintain and update your Portland homes when you own them rather than rent them? Maintaining and updating your home boosts the real estate market around you, giving you the chance to increase the value of your property, your neighbors’ property and eventually your entire community.
4 more reasons why you should buy instead of rent:
- Building financial security – While it might take many years for you to actually make a profit on your house, you’ll still have your money secured in a tangible investment that you can pass down for generations to come.
- Investing in your community – If you pay property taxes, you’ll be investing in your community. You could play a part in contributing to more parks, cleaner streets and better schools for you, your children and your neighbors.
- Buying while the housing market is slow – With the high rate of foreclosures and slow real estate market, you can scoop up amazing homes at great prices. Purchase while the market is slow and your investment could grow exponentially within the next 10 years.
- Taking advantage of tax benefits – You’ll receive a federal income tax break, and you’ll get to deduct the interest paid on your mortgage and property taxes — which means more money in the bank!
Use an online mortgage calculator to determine what you can afford to buy instead of paying rent. While renting can be appealing, you won’t be doing your financial security, your children’s schools or your community any long-term favors.
Want to discover more benefits of buying instead of renting a Portland home? Check out the Portland Real Estate Blog.