There are so many good reasons why to own a home. If you are undecided about buying a home and have reservations, read the following advantages. It can be an overwhelming process especially for first time buyers, but the rewards can outweigh the doubt.
Homeownership makes good financial sense with the right choice. There are tax advantages starting with the purchase of your home. Building equity in a home is a smart long term investment. Physical and emotional advantages can include security, stability, and a sense of community.
Consider these advantages before making a final decision.
• Investment and Tax break
A home is one of the best investments a person can make. Homes generally appreciate over time. Homes are a long term deduction in payments and interest. There are also tax breaks on the purchase of your new home. Interest rates for homes are at an all-time low. It is a great time to consider purchasing a home.
Mortgage payments allow you to build equity in your home. Money that is spent on a lease helps to build equity for someone else. You can also make up to $250,000 on the sale of your home without federal taxes.
• Fixed cost
Although insurance and taxes on your home are bound to increase, your house payment with a fixed rate mortgage will not increase throughout the years. Rent and leases are subject to rise.
• Sense of Community
Living in the community and neighborhood provides stability for your family. Associations, schools, churches, and community advocacy provide opportunities for family roots.
Homes values are one asset that has a long term value growth. Market fluctuations are normal in the short term, but over all a home appreciates; unlike a vehicle that depreciates.
• Pride in ownership
Pride of ownership provides stability and roots for you and your family. This is the number one reason most homeowners buy their homes. Personal decorating choices along with permanent taste in fixtures reflects a style all your own.
• Loans against home equity
After building equity in your home, homeowners can borrow against that amount in an equity loan and deduct interest payments.
• A sense of community
As a homeowner you have a great sense of belonging and become more involved in community affairs. Renters tend to have more isolated lives.
These are just a few of the advantages of homeownership. With your life goals and plans, consider the financial, emotional and physical advantages to taking this important step.