Owning your own home has numerous advantages over renting, including personal benefits such as improving your quality of life with stability and a sense of control that you can’t get from renting. However, many of the advantages are monetary, including:
- Financial Investment
When you own your home, the monthly payments you make become equity for you personally, not a landlord. Homes are also considered a safe investment, with the value rising as the debt decreases. The national median home price has also risen every year since 1968, making the investment a solid one.
- Tax Deductions
While not a reason in and of itself to buy a house, home ownership can significantly benefit you come tax season. Mortgage interest and property taxes are usually fully deductible on both your federal and state taxes, and most of the mortgage payments you make during the first few years of ownership are considered interest from a tax standpoint.
- Borrowing Power
When you stay in a purchased home for an extended period of time, the equity you create can be used to secure a loan or obtain a line of credit, which can then be used as cash for emergencies or for the purchase of other big-ticket items.
These and other significant benefits are the main reason why recent U.S. Census data show that almost 65% of Americans own homes. Saving money and providing you and your family with stability will go a long way to increase your personal satisfaction.
Ready to begin the home buying process?
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