Four Benefits of Owning a Home

                  

                                                      Four Benefits of Owning a Home

Most people understandably dream of owning a home at some point in their lives. Owning a home represents a major life milestone and one of the biggest measures of success. Personal reasons aside, there are also plenty of financial reasons why it’s great to be a homeowner. If you’re considering making a purchase on a home or property, here are four of the biggest benefits that may convince you to take the leap:

1.     Owning a Home Builds Wealth Over Time

The 2008 financial crisis shook everyone’s confidence in home buying, but now that the market is recovering, ownership is again a financially wise decision that will help you build wealth over time. Mortgage payments are lower than rent payments for the same property value, so you get more bang for your buck through ownership. However, you should always make sure that you’re buying a home you can afford, and that you have a solid plan in place to pay your mortgage.

1.     Having a Mortgage Offers Tax Benefits

The mortgage deduction permits homeowners to deduct mortgage interest from their tax obligations if they itemize their returns. This is a major benefit for a lot of people, and it can be a big deduction. It’s also a great benefit early in the life of the loan, when interest is a large part of your mortgage payment.

2.     A Mortgage Helps You Save Money

Forbes explains that having a mortgage is like having a forced savings plan. Every month you pay your mortgage, you are building equity in your home. This can be a great thing, especially if money is tight elsewhere.

3.     In the Long Term, Buying is More Cost Efficient Than Renting

Owning a home is one of the best ways to invest in yourself and your future. Not only is there more value in ownership than in renting, considering equity opportunities, there is built-in flexibility regarding your long-term financial decisions. Homes tend to increase in value over time, and you are paying down your mortgage over time, so you have the option to sell a few years down the line and make a clean and easy profit. You can rent your home or a portion of it to someone else and make a monthly profit while reducing your costs.

Home ownership is a huge endeavor and responsibility with the potential to provide plenty of benefits. If you are ready to take the plunge, home ownership represents a relatively low-risk investment that affords plenty of opportunity for wealth building and financial flexibility.

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