Thinking of buying a lakefront property?
If you dream of buying a waterfront home in Connecticut, you’re not alone. Most Americans are homeowners. In fact, the National Multifamily Housing Council reports that more than 65% of people in the U.S. own their homes.
Being a homeowner is an American dream, and despite the financial and economic setbacks our country has faced in the past, many still value the stability and safety of owning a home.
Nine solid answers to the question “Why?”
Owning a home is not just about achieving a dream. If you want solid reasons why now is the best time to purchase a CT lakefront home, take a look at the following reasons below:
1. It is worth it!
Connecticut is a beautiful state with plenty of charming, coastal towns. It has plenty of gorgeous scenic views no matter what season, and there are so many things to explore and enjoy. It has 96 miles of coastline, giving you a lot of options where to choose your waterview home.
Just think of all the great memories you can create with your loved ones. If you buy a vacation property, you don’t have to worry about spending money on rent because you already have a property available. If you buy a primary home, you’ll enjoy the wonderful lifestyle Connecticut offers its residents all-year round.
2. The interest rates are still relatively low.
The current interest rate stands at 4.38%, and though this may be higher than the previous four years, it is still historically low. Studies predict that the interest rate will still climb higher next year, which will make paying the mortgage more challenging. If you decide to buy a house next year, you’ll have to plan for a higher housing expense.
3. House prices will continue to rise.
Home prices have increased in the last 12 months, and it will continue to inflate in the coming months and years. Waiting for the prices to drop or at least stabilize before buying could mean waiting for years and letting your money go to rent when you could be paying already for your own home.
4. A property is a great investment.
An investment is a thing or asset that you purchase with the idea that it will generate income in the future. How can a beachfront home in Connecticut be an investment?
If you buy a vacation home, you can rent it out on months that you will not be using it. It is a great way to pay for the mortgage. That way the property is generating income and the money you are paying the bank does not come from your own pocket.
What if you want to use the property as the primary home? You can lease out a portion of the house! This way, the house is generating income, and you are only paying a portion of the mortgage cost.
5. Make the most out of your money.
Whether you are renting or paying a mortgage, you are taking out money from your pocket and giving it to someone to cover the cost of living in a home. Why not pay for something that will be yours in the future?
6. Earn a real estate income while living in the same property.
Thanks to websites like Airbnb, it is now possible for homeowners to earn a passive income by renting out homes for a period of time.
Many people visit Connecticut beaches and lakes, so you’ll definitely have a source of income.
7. It is a form of forced saving.
Paying a mortgage for a home in Connecticut is forcing you to save for your future. It is helping you save some money for your retirement.
8. Buying a home gives a significant tax break.
When you become a homeowner, you can take advantage of the tax deduction on mortgage interest. If you itemize the deductions on your taxes, you can reduce your taxable income by deducting the interest on the home mortgage.
9. It diversifies your investment.
It is always a good idea to not put your eggs in one basket. If you enjoy investing, you can add real estate investment on top of your stocks and other business ventures.
Owning a Connecticut waterfront real estate property has so many advantages! Embrace your dream and prepare for your future by buying a coastal property in Connecticut today.
Call me, Deborah Laemmerhirt, at 203-994-4297 to discuss the kind of home you are looking for.
In case you can not view this video here, please click the link below to view 9 Reasons to Buy a Waterfront Home in Connecticut Today on my YouTube channel: https://www.youtube.com/watch?v=o-Hl1n2W6tA&list=PLsSVjUfpUE5N4OMyAUePZlBIz_54lhHWQ&index=8&t=0s
