Buyers And Sellers Tips
Why It Pays To Own Your Home
Owning your own home offers a number of financial and personal advantages. It is an important decision and for most people, the largest financial transaction they will ever make. Understanding the benefits and differences between owning a home and renting will help you make an informed decision about which is the best option for you. The benefits of home ownership include:
Mortgage interest and property taxes are usually deductible from your federal (and many state) income tax returns when you itemize your deductions. Consult your accountant to get answers specific to your personal situation
Your monthly housing loan or mortgage expense can remain the same for the life of your mortgage, depending on the type of loan you choose. Equity. You can build equity in your home over the life of the loan, allowing you to plan for future events like college tuition or retirement.
The differences between owning and renting include:
Renters typically don’t have to make repairs or care for lawns and landscaping.
Homeowners have more freedom to paint, decorate, remodel, and more.
Home owners have a solid financial investment and can build long-term equity in their home.