Reasons to Own Your Own Home

  • 1. Savings: It’s a forced saving account. Building equity in your home is a ready-made savings plan. Real Estate appreciation goes up and down in cycles. You will find, though, that long-term homeownership is still a way to get big savings.
  • 2. Tax Breaks: Many homeowners are still able to take the mortgage interest deduction (MID) each year, along with great rebates and credits associated with upgrades made to your home.
  • 3. Equity: When you pay a landlord, it's money down the drain each month. When you pay on a mortgage, you are paying towards owning a piece of something. Over time, your home may be worth more than you owe.
  • 4. Predictability: Unless you live in a rent-controlled apartment (which is not common), each time you renew your lease, you could have an increase in rent. A fixed-rate mortgage, however, means your monthly payment remains the same amount for the life of the loan.
  • 5. Security: When you own, it's yours. You can paint, improve, decorate, remodel, whenever you want. Most home are in neighborhoods which means you have the chance to build relationships and friendships. Recent studies have also shown that homeowners rank themselves as healthier than their renter counterparts.
  • 6. Stability: Staying in one neighborhood for several years allows you the opportunity to participate in the community events and build relationships. It offers your children the benefit of education in the community and gives the children a chance to build long-term friendships as well.
  • 7. Resale Value: Once your home is paid off, it’s yours. As time goes on, the value of your home can increase depending on how the area changes. This can lead to a resale price that is more than what you originally paid and what you owe . This means you may be able to buy your dream retirement home.
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