The Joys of True Homeownership
Owning a home is a long-term commitment of time and money; however, the benefits of buying a house range widely from personal to financial. Homeownership allows you to take advantage of tax benefits, secure stable mortgage payments, and the freedom to truly make a house your home.
Check out some of the benefits enjoyed by today’s homeowners:
Owning a house you plan to stay in for a while also allows you to have an impact on your community with your taxes benefiting local infrastructure, schools, and organizations. Homeownership makes you feel more connected to your neighborhood and community and gives a sense of pride.
Predictable Monthly Housing Payments
A landlord can raise your rent whenever a lease expires and set rates at his discretion. But as a homeowner, you can lock in a predictable mortgage payment for as long as 30 years. Instead of worrying about fluctuating rents, homeowners can create a budget knowing that their principal and interest payments won’t increase. Those successful monthly payments also positively impact your credit so if you pay your mortgage payment on time, owning a home substantially raises your credit score.
Property taxes and accounting costs are just a few home expenses that are tax-deductible. The largest deduction is generally the interest you pay on your mortgage.
Yes, home values will go up again! Over the past 50 years, home values have gone up an average of 5-6%. On a $150,000 home, that would mean over $75,000 in 10 years. Owning a house can provide you with a valuable asset and financial stability. By purchasing a home, you’ll have an asset that, in many cases, will appreciate in value over time. A $200,000 home today should see an increase in value to $250,000, $300,000, or more, depending on your length of ownership and market rates.
A Secure Retirement
A home can be the ultimate nest egg by providing you with a great investment for retirement. The longer you own a house, the more it should eventually be worth. For example, if you live there for 30 years, other things being equal, the home should appreciate 100% or even more. As you get older, you can sell the home and use the proceeds to purchase or rent something smaller. Or, simply rent out the house to maintain a steady income stream so you can travel or use for other recreational activities.
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