Thinking about buying a home in Brentwood, California, Contra Costa County? Whether you’ve never owned before, or it’s been a while since you purchased, let’s talk about the pros and cons. Hi. I’m Krista Mashore, owner/broker of Homes By Krista. So, you’re thinking of buying a home in Brentwood, California, Contra Costa County. Let’s review some of the pros first.
Number one, your wealth can increase as you build equity in your home. Research from experts in Economist, from the Home Price Expectations Survey, believed that we’re going to continue to see an increase in home equity through 2023, averaging about 3%. If you look at this graph, just based upon a $250,000 home, after six years, you’d have made over $42,000 of appreciation.
Number two, you gain tax advantages. Mortgage interest is deductible as per IRS code. You can speak to your accountant for more specific information and numbers on that. This can be a significant tax advantage when owning a home.
Number three, according to CoreLogic, rents are going to keep going up, and mortgages are going down. Number four, you can stabilize your payments. Monthly payments are relatively steady if you have a fixed interest rate loan, while your landlord can increase your rents. Number five, you’ll have a secure place for you and your family to live and grow, and you can also decorate and expand your home in a way that you like to create your own dream home for you.
Number six, you gain a sense of community. Homeowners are often more involved in the wellbeing of their communities. Many homeowners work together to better the schools and to lessen the crime.
Now, I’ve got to be honest with you, I can go on and on about all the benefits of owning a home, but let’s think about some of the cons that you need to think about when purchasing a home in Brentwood, California, Contra Costa County.
Number one, you need to think about maintenance costs. It takes work and money to keep a home in good condition. It’s sort of like when you have a car. If you don’t change the oil, the car can blow up. A home is no different. Number two, it can tie off your cash. Selling a house may not be possible during the first three years of ownership. Moving is a bit more difficult and more complicated early on.
So, you may not have as much flexibility in choosing a new job if you are wanting to move. Number three, your home can fluctuate in value. There is no guarantee that your home will increase in value. In fact, it can decrease. Number four, it obligates your finances. When you buy a home, you’re obligated to make the monthly payments no matter what. So, it’s always a good idea to have a bit of a nest egg in the bank for backup in case of a rainy day.
So, there you have it, but let’s be real. Buying a home can be really, really scary. So, call one of us here at Homes By Krista, and let us guide you. We’ll take all the worries and all the pressure, so that you can make an informed decision. As always, make it a great home selling and buying day.