1. Tax Benefits
The U.S. Tax Code allows deductions for the interest you pay
on your mortgage, property taxes you pay, as well as some
of the costs involved in buying your home.
2. You Build Equity Every Month Through Appreciation:
Your home investment grows in value.
3. Homeowner equity is a substantial component
of homeowner wealth.
- A study showed that in 2010
- Net worth of a renter was $5,100
- Net worth of a homeowners was $174,500
Building equity in your home is a ready-made savings plan.
And when you sell, you can generally take up to $250,000
($500,000 for a married couple) as gain without owing any
federal income tax.
Unlike rent, your mortgage payments don’t go up over the
years so your housing costs may actually decline over time.
However, property taxes and insurance costs will rise.
The home is yours. You can decorate any way you want and
be able to benefit from your investment for as long as you
own the home.
Remaining in one neighborhood for several years gives you
a chance to participate in community activities, lets you and
your family establish lasting friendships, and offers your
children the benefit of educational continuity.