Ramona is unique little town.  It continues to grow, all while still keeping true to it's small town values and feel. Ramona offers residents and visitors many appealing options when it comes to attractions and or things to do.  With many emerging wineries, and our Thursday night "Cruise" through the past, Ramona has become a destination and a great place to live. 

While most realize that you get more for your money in Ramona, there are other benefits to owning your own home. With home values rising and rental inventory levels extremely low, now is the time to considering buying a home in Ramona in lieu of renting.  Here are five ways you can benefit financially in this regard.

1.   Competitive Mortgage Terms

There are many great programs available to perspective homeowners.  Rates are still low and there are several programs right now that allow you to put little down.  If you are eligible for a VA loan you could qualify for a loan with zero down.  Talk to a lender, it doesn’t cost anything to find out what you qualify for.  Think you will never qualify for a loan?  This is another reason to speak with a good lender.  Lenders can see a bigger picture, let them take a look at where you are now and help you map out a plan to get you that home in the near future.  We work with some AMAZING lenders who work tirelessly to get our clients qualified and ready to purchase the home of their dreams.  Need a referral?  Call us today and we will put you in the BEST hands available!

2.   Build Some Equity

Have you ever heard that saying, “Landlords grow rich in their sleep”?  Well, it’s the truth!  For every month that you rent a home or an apartment you are losing money because you are not building any equity.  Why you start looking at buying a home you are looking to invest your money into your future.  Make your money work for you!  For example, if you are considering staying in Ramona over the next 5 years to 10 years buying a home is a smart decision, with home values continuing to rise you could be able to offset some of the costs of owning your home when you are ready to sell.  You could potentially make back the money that you paid into your mortgage, and if the market continues you could come out ahead with more money than when you first bought your home!

3.   Get a Break on Your Taxes!

When you buy a home and start paying a mortgage, you have the opportunity to deduct a portion of the payments that you are making toward your mortgage.  This not only lowers your tax liability, but it also gives you some tax credits that you cannot get by renting. 

4.   Home Improvements That Really Pay Off

When you buy a home you have the opportunity to make improvements to the home that could increase the value.  It does take some out of pocket money to make adjustments to update your home, but every update/upgrade that you make to your home could potentially pay you back in a big way by increasing the return on your investment if you sell.  Not only can this help you in the long run but when you own the home yourself you have the freedom to make these choice yourself and not depend on someone else to make improvements. 

5.   Condos in Ramona are affordable

There are several condos in Ramona/SDCE that are affordable. As I said before, home values continue to rise, so if you are looking for something smaller now is a great time to buy a condo as you could still come out ahead and you can stop paying someone else’s mortgage.

Ramona’s real estate market continues to be competitive, but there is still a value for perspective homebuyers.  If you keep these 5 considerations in mind, you can see a clearer picture and financial importance of buying a home in our community over renting.

 

If you are considering taking the plunge into homeownership but don’t know where to start or how much you qualify for please give us a call today.  We would LOVE to sit down with you and map out a plan for you!