Owing a Telluride home is perhaps one of the greatest investments that you will ever make in your life and there are many financial advantages that are associated with taking this very important step in life. Some of the most important benefits associated with owning Telluride area homes include the following:
A hedge against inflation: It is an open secret that rents go up on a regular basis without regard on whether or not your income is going up. If you are going to pay a 30-yeat fixed mortgage you can easily predict what amount you are going to pay throughout the period. If for instance you are paying a monthly rent of $1800 and we assume that the inflation rate is 3 percent; within five years you will be paying a monthly rent of $2026 and by that you would have paid some $115,000 towards your landlords’ mortgage.
Personal wealth: Instead of paying mortgage for your landlord, when you own a Telluride home the mortgage amount you will be paying will be reducing gradually while the value of your property is going up. This is especially true when you choose allocation such as ski in ski out Telluride where owning a home is such a lucrative and wonderful investment. Even though Telluride homes for sale are like any other investments that require additional costs in regular maintenance; unlike any other form of investment that you can think about, when you own it long term, take good care of it and you choose to eventually sell when the market is just right, there is no doubt that you will get a good return on investment.
Federal and state tax savings: Those that know anything to do with section 163 of the IRS code, the interest on loans that people use to acquire, improve and construct real estate is usually deductible on a mortgage of up to $1,000,000. The interest on loans that are tied to Telluride real estate for any reason will be deductible on up to a $100,000 mortgage.
Asset diversification: Unlike many other forms of investment, homes for sale in Telluride is a unique form of investment because your investment will keep on growing in value while you are still living in it. Being a homeowner for an extended time period is more beneficial than paying a monthly house rent. You only need to know how to plan and execute well and you will be able to minimize the costs associated with homeownership even as you maximize on your ability to create wealth. There are thousands of small business owners that have home offices and they can use the home office as a tax deduction even while they are still earning an income; you may also want to rent out a bedroom and use part of that income to pay down your Telluride home mortgage faster.
Forced savings: Your monthly mortgage payments for your Telluride property will lower your mortgage which in a way will be creating an actual forced savings account for you.