Being a Homeowner is the Right Choice in the Northern Virginia Area!

The recent economic slump and hardship that many people across the nation have faced over the past few years has made several question whether or not they should buy or rent a home in the Northern Virginia area. As a Northern Virginia real estate agent, of course I am a bit biased toward homeownership; however the recent economic statistics suggest that buying a home is actually cheaper than renting in most metropolitan areas in today’s market.

Other studies have shown that homeownership is actually a better option for people who are looking to raise families. It is commonly believed that for children, growing up in a home that’s owned is more positive overall. Here are some of the other benefits of homeownership:

You have more stability. Rents are skyrocketing nationwide. Each year, your monthly rent can fluctuate depending on the economy and demand for rental units or homes. When you have a fixed rate mortgage, your monthly payment is the same year after year, which will give you more financial stability within your living situation.

Right now is the time to buy. Nationwide, it is less expensive to buy a home than rent in this economy. Combine that with the fact that mortgage rates are at an all-time low and home prices are still on the affordable side, and you have the ideal scenario for a home buyer. Lending restrictions are still tight, however many lenders are actually starting to loosen their grip on loans.

Typically, it’s a positive, long-term investment. The market might not be at its highest right now, but if you’re planning on buying a home for the long-term, now actually would be the time to buy. We have reached recovery mode in the local housing market, and while it may take years for the market to fully stabilize, there’s also a high likelihood that your property will appreciate in value between now and the time you sell it. You have to think of your home as an investment that you will one day profit from.

You get tax benefits. There’s no doubt that one of the biggest benefits to owning a home is the tax write-off that you get. The deductible is beneficial to most homeowners in the country.

These are just a few of the many benefits to being a homeowner in the Northern Virginia area! If you have any questions about buying or selling a home in the Northern Virginia real estate market, don’t hesitate to contact me! I’d be happy to help in any way I can. I hope to hear from you soon!


Earle Whitmore
Long & Foster Real Estate, Inc.
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