7 Reasons to Own A Home
WHAT YOU SHOULD KNOW
The U.S. Tax Code allows you to deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
Real Estate has had stable growth since 1972. The recent housing crisis, although devastating to many, but even in the most recent 10 years, which included quite a few very bad years, values are still up 7% on a cumulative basis. The number of U.S. households is expected to rise 10% to 15% over the next decade which will create a continued demand for housing.
Money paid for rent is money that you will never see again. Mortgage payments let you build equity ownership in your home.
Building equity in your home is a ready made savings plan. When you sell, the first $250,000 gain does not get taxed as a gain. It is $500,000 for a married couple.
Unlike rent, fixed rate mortgage payments do not rise over the years. You housing costs may actually decline as you own the home longer. However keep in mind that property taxes and insurance costs may increase.
The home is yours. You can decorate any way you want and choose the types of upgrades and amenities that appeal to your lifestyle.
Remaining in one neighborhood for several years allows you and your family to build long lasting relationshipe within the community. It offers children the benefit of educational and social continuity.