Advantages of Buying Now in Silicon Valley
Property values in Silicon Valley have consistently appreciated over the years, even taking the dot com “bust” into account. Silicon Valley’s convenient location, temperate climate, excellent schools and healthy business economy give every indication that real estate values will continue to increase in Sunnyvale and the surrounding areas.
Mortgage rates have also been gradually increasing, but they are still affordable. By locking in a rate now, you can most likely secure more house for less money than it will cost you next year. For the same reason, if you are looking for a larger house in Silicon Valley, now is a good time to make your move.
If you’re currently renting, your monthly rent is lining your landlord’s pocket whereas your mortgage payments will build equity in the property you own. In most cases, your rent will continue to rise each year, whereas your mortgage payments remain the same for a long period of time (with a fixed mortgage) or a shorter period of time (with an adjustable mortgage). To find out how much your current rent can be worth in purchasing a home see our rent vs. buy calculator.
Buying residential property is generally considered to be one of the safest ways to get a return on your money. In addition to any profit you may reap from selling the property, owning a home offers tax benefits in the form of interest & property tax deductions. In the early years of your mortgage, practically your entire monthly payment is tax deductible, as are your property taxes and the closing costs.
For more information about the advantages of buying real estate in Silicon Valley, simply contact us to get started today.