Buying a home is a big decision, but there are many reasons why you should consider it.
The pride that comes with owning a home, home value appreciation, mortgage interest deductions, and property tax deductions are a few of the best reasons. Other benefits include capital gains exclusion, preferential tax treatment, building equity through mortgage reduction, and equity loans.
The best feeling ever!
Home-ownership also gives you and your family a sense of stability and security. It’s investing in your future—equity that will grow with you the longer you are in the home.The feeling of owning your own home is unmatched. You can fix it up, make it your own, get a dog, or plant a tree if you want. Doesn’t that sound exciting!
The government rewards homeowners by providing excellent tax benefits. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income.
Beyond pride of ownership, it’s important to realize another benefit. Although real estate values move in cycles, housing values have consistently appreciated. Home values have a well-documented history of going up over time. This increase becomes equity you can benefit from when you refinance or sell.
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 toward the principal balance on your loan. This builds your equity and acts as a savings account.