Top 10 Reasons To Own A Home
1. It Will Be Yours And Yours Alone – The freedom of owning your home can’t begin to compare to the restrictions that tenant’s experience. You can paint the wall the color you like, hammer a nail where you want, all without the hassles from a landlord.
2. Lifestyle – Homeowners are a breed all their own. When you live in a neighborhood or building that is owner-occupied, your neighbors, like you, are more willing to invest their time, money, and effort to improve their property value and community.
3. Equity Buildup – Rental payments are gone once you have made them. With each mortgage payment, you are “buying” something tangible and are building equity. The longer you own your home, the greater the equity. At the same time, rent will go up on a yearly basis while on a conventional 30-year loan your monthly payments will remain the same.
4. Keep Up With Inflation – A home is an investment that helps you keep up with inflation. Although not all homes appreciate at the same rate and some years are better than others, real estate has historically kept pace and usually appreciates faster than the rate of inflation.
5. Income Tax Benefits – All interest paid on a mortgage are deductible for income tax purposes. In the early years of a mortgage, most of your payments are interest. Also, remember that property taxes are deductible and that other special tax deductions such as Energy Credits are also available to homeowners.
6. Payback on Improvements – A tenant who makes property improvements does not receive financial benefits from them if he/she relocates. As a homeowner, you can realize some or all of the cost of improvements when you sell your home.
7. Trade-Up Value – As an owner, and with market appreciation, this home may provide you with enough equity to make a down payment on your future home.
8. Security for Retirement – Unlike rent, which goes on forever, mortgage payments are temporary, providing you with “rent free” living for your retirement.
9. Investment Property – For some, purchasing single family homes or condominiums are proving to be good long- term investments. You can realize the benefits by having your home rented.
10. Don’t Let the Mortgage Interest Rate Fool You – You pay much less in interest than the mortgage rate of your loan because the interest you pay becomes tax deductible.
11. Try Before You Buy – Gives the opportunity to try before you buy.