The Pros and Cons of Buying a Home in Fort Washington

Thinking about buying a home in Fort Washington. Whether you’ve never owned a home before or it’s been a while since you’ve purchased. Let’s talk about the Pros and cons of buying a home in Fort Washington.

So when you’re thinking of buying a home in Fort Washington. Let’s review some of the Pros first.  

Pros

1. Your wealth can increase as you build equity in your home. Research from experts and economists from the Home Price Expectation Survey believe we are going to continue to see an increase in home equity through 2023, averaging around 3%. If you look at this graph, just based upon a $250,000 home after 6 years, you’d have over $42,000 of appreciation.  
2. You gain tax advantages. Mortgage interest is tax deductible as per IRS code. You can speak to your accountant for more specific information and numbers. This can be a significant tax savings when owning a home.  
3. You can stabilize your payments. Monthly payments are relatively steady if your loan has a fixed interest rate, while your landlord can increase your rent.  
4. You’ll have a secure place for your family to live and grow. You can also decorate and expand your home in a way that you like to create your dream home.  
5. Gain a sense of community. Homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime.
   
   Now, I have to be honest here, I could go on and on about the benefits, but let’s think about the Cons when purchasing a home in Fort Washington.

Cons

1. You need to think about maintenance costs. It takes work and money to keep a home in good condition. It’s sorta like your car, if you don’t change the oil, the car can break down.  
2. It can tie up your cash. Selling a house may not be possible during the first few years of ownership; moving is more difficult and complicated and you may not have as much flexibility in choosing a new job location.
3. Your home can fluctuate in value. There is no guarantee that your home will increase in value. In fact, it could decrease in value.
4. Obligates your finances. When you buy a home, you must make that monthly payment no matter what, so it’s always a good idea to have a bit of a nest egg as a backup for a rainy day.
   
   So there you have it. But let’s be real, buying a home can seem scary. 
   
   Call me and let me guide you. I take out all the worries and pressure so that you can make in informed decision.