7 Reasons to Own a Home

Here are 7 benefits you gain when you own your home 

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1. Tax benefits.

The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.

1. Appreciation. 

Every year from 1972 to 2014, property values increase 5.2%. Each year. 5.2%!  These values were calculated by the National Association of REALTORS®.  The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.

1. Equity. 

Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

1. Savings. 

Building equity in your home is a ready-made savings plan. And when you sell, you generally won’t pay taxes on up to $250,000 in profit from the sale ($500,000 for a married couple).Compare that to the tax rate for that income at a W-2 job where you’ll pay as much as 30%.

1. Predictability. 

Rent increases. Your fixed-rate mortgage payments don’t rise over the years AND when interest rates drops, you can refinance and get an even lower monthly payment. So your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase, which is why I advise my #BuyWise Strategy. Click #BuyWise to learn more.

1. Freedom.

The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle. Worried about how much updates will cost? My network of professionals will show you how to make it affordable for you. 

1. Stability. 

Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.