5 Reasons to Own Your Home
1. Tax Breaks
The U.S Tax Code allows you the ability to deduct the paid interest on your mortgage. This incentive also applies to your property taxes, and may cover other expenses incurred from purchasing your home. We recommend consulting your attorney to figure out the best options available to you.
Owning your home is an asset that could have the potential to increase over time. When you rent a property your monthly payments benefit the landlord. If you own your home, your mortgage payments let you build equity ownership interest in your property. Building equity in your home is a ready-made savings plan. When you sell your home, you can generally take up to $250,000 (Per Person) as gain without claiming it on your federal income taxes documents.
With rental properties there is always a chance that the monthly rental rate will increase year-to-year. When you own your home, your mortgage rates are a fixed price and will not rise. Therefore, there is a likelihood that your monthly payments may actually decline the longer you own the home. However, it is important to remember the variables involved in your payments. Your property taxes and insurance cost may fluctuate over time.
As a homeowner, you have the ability to customize, change, and decorate your home any way that you choose. You will be able to enjoy these investments for as long as you own the home. Certain improvements may also add to your property appreciation.
Remaining in one neighborhood for several years gives you a chance to participate in the community. This will also allow you and your family to establish lasting friendships, and offers the benefit of social, and educational continuity. For more information about the benefits of owning a home call us today 630-307-2760!