When you own your own home, you are able to build equity and reap certain tax and long-term financial benefits, that aren’t available to renters. Additionally, you become a (more) permanent resident of your chosen community, which is not without its own set of benefits as well. Here are the top three benefits to owning your own home:
- Financial benefits. You get tax deductions, you are able to build equity on your home, and you are eligible for loads of other financial benefits. Come tax day, you’ll be glad for mortgage interest payments and property tax obligations because they are (usually) both fully deductable. Additionally, sometimes closing costs, loan application fees, and appraisal fees are deductable as well.
- New friends. Housewarming parties, tailgating, cookouts, etc.; neighborhoods are kind of like a small little community within a community. So, when you remove that For Sale sign and move into your new home, you will discover tons of wonderful opportunities to get to you’re your neighbors, your neighbors’ friends and families, local workers, local vendors, and so much more. And hopefully you will develop positive relationships with your neighbors, which will really help turn your house into a home.
- Flexibility. Our needs change over time; one year we desperately need a home office, and the next year we need a nursery. Another great thing about owning a home is that you can change and remodel your home to offer whatever fits your needs best! Owning your own home gives you tons of options to change and adapt your space to fit all of your needs, so that you won’t have to worry about moving every time something changes.
Convinced? Click here to find a local real estate agent who can help you buy a home!
Some of the information in this blog was paraphrased from Inman News.