Reasons to Buy and Own a Home (edit/delete)

Reasons to Buy and Own a Home

There are so many good reasons why to own a home. If you are undecided about buying a home and have reservations, read the following advantages. It can be an overwhelming process especially for first time buyers, but the rewards can outweigh the doubt.

Homeownership makes good financial sense with the right choice. There are tax advantages starting with the purchase of your home. Building equity in a home is a smart long term investment. Physical and emotional advantages can include security, stability, and a sense of community.

Consider these advantages before making a final decision.

Investment and Tax break

A home is one of the best

investments a person can

make. Homes generally

appreciate over time. Homes

are a long term deduction in

payments and interest. There

are also tax breaks on the

purchase of your new home.

Interest rates for homes are

at an all-time low.

It is a great time to consider purchasing a home.

Mortgage payments allow you to build equity in your home. Money that is spent on a lease helps to build equity for someone else. You can also make up to $250,000 on the sale of your home without federal taxes.

Fixed cost

Although insurance and taxes on your home are bound to increase, your house payment with a fixed rate mortgage will not increase throughout the years. Rent and leases are subject to rise.

Sense of Community

Living in the community and neighborhood provides stability for your family. Associations, schools, churches, and community advocacy provide opportunities for family roots.

Appreciation

Homes values are one asset that has a long term value growth. Market fluctuations are normal in the short term, but over all a home appreciates; unlike a vehicle that depreciates.

Pride in ownership

Pride of ownership provides stability and roots for you and your family. This is the number one reason most homeowners buy their homes. Personal decorating choices along with permanent taste in fixtures reflects a style all your own.

After building equity in your home, homeowners can borrow against that amount in an equity loan and deduct interest payments.

As a homeowner you have a great sense of belonging and become more involved in community affairs. Renters tend to have more isolated lives.

Loans against home equity

These are just a few of the advantages of homeownership. With your life goals and plans, consider the financial, emotional and physical advantages to taking this important step.