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Why You Should Own Your Own Home

Home Ownership

Home Ownership

You may be wondering if you should rent or buy your next home. In this brief article we are going to discuss the benefits of owning your own home. A huge benefit to begin the discussion is Equity.

Paying monthly rent is money lost with no direct benefit to you (in some cases aiding in paying someone else’s mortgage). Paying monthly mortgage payments allows you to build equity ownership interest in your home. Building equity in your home is a ready-made savings plan. And when you decide to sell you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

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

Owning your own home allows you predictability. Even though property tax and insurance costs will rise, your mortgage payments do not, allowing you to confidently predict your expenses much easier throughout the years.

Welcome Home

Welcome Home

You also have the freedom and stability that renters do not. The home is yours you can decorate and benefit from your investment as long as you own that home. You aren’t tied down to certain do’s and don’ts. Also there is no incentive to do too much if you aren’t confident you are going to be there for a specific amount of time.

Also remaining in one neighborhood for several years gives you a chance to be apart of a community and allows you to establish long lasting friendships among you and your children; not to mention the benefit of educational continuity.

If anyone is interested in adding to the above reasons to owning your own home please feel free to comment on this blog posting below!

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