Some years ago, most young people didn’t consider buying a home a priority. This venture seemed like a reserve for the older generation. However, things have changed today, and many young people are investing in homes. A study has shown that millennials make up the biggest segment of home buyers. In fact, half of the home buyers are below 36 years, as per a Zillow report. This change has been brought about by higher income and growth in their businesses. According to Deland Realtors, buying a home at a young age has many benefits.
Below are the two top benefits.
Enjoy Tax Benefits
Buying a property has potential tax benefits that can help lower your annual tax bill. For example, your mortgage fee might be tax deductible, reducing your tax obligation. You can also make a deprecation claim if the value of your home goes down during the year.
The tax deductibles you are entitled to include:rel=”nofollow”
- Mortgage insurance premium
- Mortgage interest
- Real estate property taxes
- Closing points and costs
Reducing your tax burden while young can help save money to spend on other expenses and save for the future.
Great Homes at a Fair Price
Buying a house is not without its share of challenges. The journey of buying a home starts by knowing the kind of house you want. You then start searching for a house with such features. When you are young, you have ample time and energy to search for your dream house. You may thus end up buying your dream home at a pocket-friendly price.
Responsibilities increase as you age. Before long, you are dealing with insurance, child care, and car payment, among other financial duties. With the rising cost of living, dealing with these expenses and saving enough money to buy a house can be a challenge. With that in mind, the best time to consider buying a home is now. Talk to Deland Realtors about your plans to buy a home, and they will help you evaluate your options.