The Advantages of Owning a Home
Did you know that owning a home can be as affordable as renting? It is more affordable than we set ourselves to believe. The advantages of owning a home are evident for many reasons, you can pay the same, or even less. Also, there are great incentives that really help define owning a home instead renting. You are investing in a home that is yours, to do as you please and the monthly mortgage payment you make monthly will in return benefit you and your family instead your landlords.
Here are some factors to consider when deciding to purchase a home.
- Build equity — your wealth will increase as you gain more home equity
- Gain tax advantages — mortgage interest is tax deductible as per IRS code
- Stabilize your payments — monthly payments are relatively steady if your loan has a fixed interest rate, while your landlord can increase the rent
- Have a secure place for your family to live — a home provides a permanent place where your family can live and grow, and you can decorate or expand a house the way you like to create your dream home
- Gain a sense of community — homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime
Though home owning may not be for everyone, it can be a very wise investment for families who want a long term residence, that encourages stability, a home to raise a family and financial gain. All seekers who are interested in purchasing a home should of course review all pros and cons as all life situations differ. According to the New York Times, based on a 6 year analysis, if you stay in your home for 6 years, buying a home is better. It will cost you $10,460 less than renting, an average savings of $1,743 each year.
Vanna S.
Search for Homes Today www.HomesByVanna.com
***If you or anyone you know is having trouble paying your mortgage, there are other options!***
