Buying a home on Long Island is a smart investment across the board. But for millennials especially, real estate can be the platform for a smart financial strategy that could lead to financial freedom in the later years.
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1. Real estate is a great long-term investment and can serve as a retirement nest egg.
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2. A house is a physical asset. It won’t disappear the way paper money or stocks can.
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3. Long Island is a solid market with a steady incline in home value over the long term.
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4. Owning a home has enormous tax benefits.
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5. Mortgage interest rates are still low. Although the Fed has lifted its hold on raising rates, so the chance to take advantage of these low rates could be short-lived. All the more reason to buy sooner rather than later.
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6. Owning a home gives buyers a sense of responsibility and the pride of ownership.
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7. As equity increases, so do the financial benefits and opportunities. Home equity loans and lines of credit become possibilities.
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8. Rent is steadily increasing on Long Island, making it an expensive ordeal that leaves renters with nothing to show for a costly monthly payment after all is said and done.
Long Island is a bastion of economic growth. With a close proximity to all that New York City has to offer, along with pristine beaches and the farmland on the east end, Long Island remains a great investment for forward-thinking millennials.