The old reasons to buy a home in Indiana still apply today

Despite the turmoil that has affected the housing market over the last few years, there are a few enduring reasons that buying a new home now will continue to be a good investment. Here are a few:

Mortgages are still cheap. Current interest rates for well qualified borrowers in Indiana for a 30-year fixed rate conventional mortgages are about 4.00%. These rates had been declining since December 2014, but are currently facing pressure, especially if inflation starts to increase.

Owning a home provides annual tax incentives. Mortgage interest and property taxes are tax deductible, and most gains on the sale of your primary residence are tax deductible.

Rental housing is hard to come by, especially in good school districts, and is, by comparison, more expensive over time, especially when the tax benefits of home ownership and the accumulation of equity is considered. Rents tend to increase year-to-year, while a fixed rate mortgage payment will remain constant for the life of the loan.

Owning a home gives you the freedom to make it your own. You don’t need approval to paint it, you can make your yard the way that you want, and you have the added comfort of knowing that this is your home.

The real estate market is stabilizing, and home values have been increasing. Historically, homeowners have viewed their homes as long-term investments, and that will always be the case.

First Indiana Mortgage, LLC is a mortgage broker in the state of Indiana. We are dedicated to providing low rates, competent advice, and superior customer service. Visit us at www.firstindianamortgage.com to obtain a rate quote.

 

Despite the turmoil that has affected the housing market over the last few years, there are a few enduring reasons that buying a new home now will continue to be a good investment. Here are a few: Mortgages are still cheap. Current interest rates for well qualified borrowers in Indiana for a 30-year fixed rate […]