The decision to purchase a home is a personal and exciting one and most likely will be the largest investment of your life. Why would you choose to purchase a home?
Many families are paying to live in a home or apartment that is not theirs. Often, renting is necessary. However, the money spent on rent could be used to pay a mortgage. Monthly rent payments often exceed that of a mortgage payment. Particularly in todayâ€™s economy with interest rates as low as they are.Â Knowing that the monthly payments are going toward your homeâ€™s equity is one of the greatest benefits of home ownership.
Speaking of equity, many properties experience a growth in value as more development moves into the area or the economy strengthens through an increase in job opportunities. When this happens, home values tend to rise and homeowners can bask in the glory of their newfound profit.Â Â A home also has the potential to appreciate year after year.
With homeownership comes the freedom of decorating and making changes and improvements that you choose without needing permission from a landlord or property owner. Â You may even be able to use your homeâ€™s equity to finance some needed improvements and/or repairs. In some cases, these changes may even increase the value of your home. An upgraded kitchen or bathroom, hardwood flooring or an additional room are examples of changes that could result in added value.
Another advantage of home ownership is the available tax benefits. The interest paid on a home mortgage as well as most property taxes paid are tax deductible for home owners.Â For additional information on deducting mortgage interest and property tax, consult the IRS or your tax professional.
Most of the reasons buying a home makes sense are economical ones.Â Home ownership can help strengthen your credit profile through timely mortgage payments and a steady financial history.Â But donâ€™t sell short the feeling that purchasing your own home may provide.Â A home can provide a feeling of stability and permanence and rememberâ€¦Â â€œThereâ€™s No Place Like Homeâ€.
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