7 Reasons To Own A Home
In no particular order, here are SEVERAL good reasons why buying your own home makes perfect sense
#1 - TAX BREAKS
The U.S. Tax Code permits homeowners to deduct the interest they pay yearly on their mortgage, as well as the property taxes and some costs involved with purchasing a home.
#2 - APPRECIATION
Real estate has traditionally had a long term stable growth in value. Year to year fluctuations are normal, yet median existing home sale prices increase on average 6.5% each year from 1972 to 2005. This trend most likely will return as the current market continues to rebound.
#3 - EQUITY
Money paid for rent is money that a person will NEVER see again! On the other hand, mortgage payments in essence permit a homeowner to build equity ownership each and every month.
#4 - SAVINGS
Building equity in a home is a ready-made savings plan. When the time comes to sell, a homeowner can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
#5 - PREDICTABILITY
Unlike rent, fixed mortgage payments do not rise over the years so that individual housing costs may actually decline the longer own owns a home. However, keep in mind, that property taxes and insurance rates can still very well increase.
#6 - FREEDOM
The home is yours!!! Freedom to decorate in any fashion and the benefit from this action is in place until it becomes a chosen decision to sell.
#7 - STABILITY
Remaining in a neighborhood for several years gives a homeowner a chance to participate in community activities, establish lasting friendships, and offers children the benefit of educational continuity.