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.