7 Reasons to Own Your Home

October 25, 2009 | 1 Comment

There are 7 very important reasons owning a home is better than renting.

  1. Tax Breaks-The U.S. tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in the purchase of your home.
  2. Appreciation-Real estate has long-term, stable growth in value. Median existing-home sale prices have increased on average 6.5% each year from 1972 through 2005, and increased 88.5 % over the last 10 years according to the National Association of Realtors.
  3. Equity-Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
  4. Savings-Building equity in your home is a built-in savings plan. When you sell, you can take up to $250,000 or $500,000 for a married couple as gain without owing any federal income tax.
  5. Predictability-Fixed-rate mortgage payments don’t rise over the years like rent does. Your housing costs may actually decline as you own the home longer.
  6. Freedom-The home is yours to make improvements or renovations if you wish. You can benefit from your investment as long as you own the home.
  7. Stability-Remaining in one home for several years gives you a sense of community and allows your family to make lasting friendships.

Source: www.realtor.org


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