BENEFITS OF OWNING
1. CREATIVE FREEDOM WITH THE PROPERTY
Owning your home means you can paint your kid’s room any color you want, you can change your floors from carpet to wood, and you can put new lights and ceiling fans in without asking a landlord for permission. The best part is, making reasonable updates maintains the value in your home and in many cases you will even see an increase in value of your Home.
2. MORTGAGE COSTS STAY THE SAME AS RENTS RISE
One of the most common reasons people buy homes is for the immediate benefit of stable monthly payments. While rental prices can continue to go up, once you own a home, you have the option of steady monthly mortgage payments for years (if you opt for a fixed-rate mortgage; adjustable-rate mortgages are a different story). This benefit can help homeowners save money and more easily budget for other expenses.
3. BUILDS YOUR CREDIT
Owning a home is a great way to build credit. If you make your payments on time every time, your credit age and payment history will improve your credit score. Further, a home provides potential access to home equity, which you could access in an emergency. As you pay off your home, you continue to build equity. Equity is the difference between what you owe on the house and how much the property is worth. Overall, when managed correctly, owning a home can provide a significant boost to your credit score.
4. HOMEOWNERSHIP IS A TAX BREAK
One thing people who have never owned a home do not always think about are the tax advantages of homeownership. Whether you are living in your first home or your fifth, it is a huge financial advantage to have some tax relief tied to the interest you pay each year. It is one thing you don’t get when you’re renting. Be sure to work with a tax professional to get the best possible benefits on your annual return.
When you rent a home all the cost of owning that home plus the profit that goes into the landlord’s pockets are built into your rent payment. Every year your rent goes up with nothing to show for it, but when you own a Home that you make monthly payments on a portion of that payment is tucked away right back into saving (this is called equity). Two things are happening at the same time to build the equity. The first is the principal portion (equity deposit) of your monthly payment, and the second thing is your home becomes more valuable month after month (99% of the time). Both factors into “forced saving” for you, wealth that can drastically change your retirement years if used responsibly.
LET'S GO FISHING FOR A NEW HOME
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