Reasons to Own your Home
Some people choose to Rent for a while. Here are the reasons to own your home
- Owning your home is the number one way to build financial security.
The Federal Reserve reports homeowners have an average $184,000 in household wealth vs. renters whose net wealth on average is $4,000.
The mortgage payments let you build equity in your home; money paid for rent is money that you will never see again.
Building equity in your home is a saving plan; when you sell you can be eligible for tax-free gains.
- You no longer need a big down payment.
20% down payments often prevented many people from being able to purchase a home. Today, there are many affordable loan products that require little or nothing down.
- Mortgage interest and private mortgage insurance may be tax deductible.
For the first few years of mortgage loan, it is typical that the vast majority of your payments is made up of interest, that can mean significant tax savings.
- Homeownership gives children a better start.
Studies show that children of homeowners have higher education levels, a lower rate of teen pregnancy, and higher test scores.
- Freedom and Stability.
The home is yours and you can decorate it any way you want and enjoy it as long as you are the home owner. Remaining in the same neighborhood for several years will allow you and your family establish lasting relationships.