Owning a home has so many benefits that it’s hard to argue against the merits. While every owner has different reasons and some are more important to one homeowner than another, there’s no lack of great reasons….
Here are just some of the benefits:
- Happiness. While some investors might think this is frivolous, you simply can’t understate how important this is. The feeling of owning your hown home is unlike anything else people own. It’s yours and it’s simply not the same thing as renting. You can fix it up, you can spend your time gardening or mowing the lawn, you can fix it up….knowing that….it’s yours.
- Tax Savings: Home ownership has long been a goal for buyers and the government alike. The government rewards homeowners by providing excellent tax benefits. Interest paid on your mortgage and other home related expenses can often be deducted, there are huge capital gains tax exemptions when you sell (primary residence) and more
- Appreciation: Home values have a welll documented history of going up over time. While there may be temporary dips in the market, there’s no question that home values go up in the long term. The increase becomes equity you can benefit from when you refinance or sell.
- Equity: Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes towards the principal balance on your loan….meaning each month you own a little bit more outright. This builds your equity and acts as a savings or retirement account. When the home value goes up the equity accrues even faster.
- Education: Research shos that children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.
- Community Ties: People who own rather than rent stay in their homes 4 times longer according to statistics. This provide and opportuntiy to get to know you neighbors and connect with you neighborhood and local community.
Leave a Reply
You must be logged in to post a comment.