There are many reasons a homeowner can benefit from purchasing a home. Here are 5 Reasons why you should own a home today!
1. Build equity ownership
If you are paying rent that is money you will never see again, but mortgage payments allow for you to build equity ownership interest in your home.
2. Savings & Tax benefits
Building equity in your home is a great way to save money. But there are tax benefits of owning a home, your interest and property tax portions of your mortgage payments are tax deductible. In 2018 they started however a cap on the amount of state and local taxes you can deduct which includes property taxes. Most filers can deduct now only up to $10,000 in property, income, or sales tax on their 2018 tax returns.
3. Appreciation.
Real estate in the long-term has had a growth in value. “Single family homes have increased on average 5.2 percent each year from 1972 through 2014”, according to the National Association of REALTORS.
4. Making the Home yours
Unlike renting, you are able to decorate and make the home yours. You have the freedom to do whatever you want! Whether its adding upgrades, landscaping, painting each room the color that appeals to your lifestyle. If you decide to remodel you can add value to your home.
5. Community
Living in a neighborhood for a few years allows you to build life-long relationships with the people that surround you. A neighborhood provides a community of people to do life together! You and your family are able to benefit and choose an area with good education and a community with children for your kids to play together!
If you are thinking about purchasing a home in the area or wants to know more details about the benefits of homeownership, give me a call! I would be honored to help you or someone you know find the perfect home!