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7 Sure Reasons to Own Your Own Home

Posted By: Cleve Gaddis In: Home Buying Resources
Date: Mon, Jul 13th 2015 12:03 pm

 

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 buying your home.

2. Appreciation 

Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 5.2 percent each year from 1969 through 2012.

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 through the portion of the payment that is applied to reduce the principal balance.

4. Savings

Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 or $500,000 for a married couple as gain without owing any federal income tax, per Section 121 of the Internal Revenue Code. 

5. Predictability 

Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs may increase.

6. Freedom 

The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability

Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity. 

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