Benefits to Being a Home Owner
Purchasing your first home can be a rewarding experience, if a little overwhelming. But there are many benefits that many first time home buyers maybe unaware of, including:
You can deduct the interest you pay on your mortgage, property taxes you pay, & some of the costs involved in buying your home
While there is no guarantee of appreciation, over time, home prices have historically risen.
Money paid for rent is money you will never see again, but mortgage payments let you build equity ownership interest in your home
When you sell, you can generally take up to $250,000 ($500,000 for a married couple) as a gain without owing any federal income tax
Unlike rent, fixed rate mortgage payments don’t go up over the years. Keep in mind that property taxes and insurance costs may increase, though
The home is yours. You can decorate any way you want and be able to benefit for as long as you buy the home
Remaining in one neighborhood for several years gives you the chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.