Owning Your Primary Residence
If you live in an area where housing prices are off the charts, then renting might make more financial sense. It’s a smart idea if you want to save money, but you could also save time and effort by renting if you need to relocate often for your job.
That being said, if you’re interested in boosting your net worth, then owning your primary residence is one of the best ways to do that. If you’re thinking of doing it, then we recommend opting for a 15-year or 20-year mortgage instead of the traditional 30-year term. This way, you can pay it off faster while saving on interest.
But what if you’ll want to eventually move? In that case, you should know that capital gains are tax-free up to $500,000 if your tax filing status is married, filing jointly.
