The Benefits of Owning a Home
The benefits of home ownership are plenty and below are just a few reasons to buy a home.
- Tax Deduction – One of the main benefits to home ownership is the fact that you can write off certain expenses related to owning your home. Items such as mortgage interest, property taxes, and upgrades can be used to lower your taxable income (check with your tax consultant for details). All tax payers will appreciated this benefit.
- Stability – Owning your own home creates a stable family atmosphere. You can feel secure in knowing that only you will decide when it’s time to move.
- Sound Investment – The stock market fluctuates up and down with the economy and the decisions of CEO’s. Unless you’re a savvy investor who keeps a close eye on the market, reality is that investing in stocks is risky. It’s a proven fact that home values will continue to rise and even if the market takes a dip, it’s likely to recover and so will the value in your home.
- Ideal Living Space – Create your ideal living space without having to ask for permission or sink money into someone else’s investment. If you decide to upgrade the flooring, kitchen, baths, etc. you will be the beneficiary of those upgrades and it will increase the value of your home.
- Privacy – You can have peace of mind knowing that you are in control of who has access to your property. Nobody can call you and demand that you give access for necessary or unnecessary inspections. You are the keeper of your castle and nobody passes without your permission.
- Your Pets – Do you have pets or wish to have pets? Everyone knows that finding a rental property that allows pets can be difficult. In addition, when a property manager or owner does allow pets they will normally charge you extra fees and put conditions/limitations on the size, number and type of animals. When you own your own property you don’t have to ask for permission.
- Leverage – Once you have enough equity in your property, you can borrower money against it to purchase other assets. For example: You could do a cash-out-refinance and use the cash to purchase another property to live in or rent out.
To find out more benefits of homeownership, please contact me directly at (714) 717-4663.