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7 Benefits of Home Ownership

  1. Tax benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home if you itemize your deductions. With standardized deductions increasing over the past few years, you’ll need to work with your CPA to see which way is most cost-effective for you to go. If you work from home, you also have additional expenses that can be deducted at tax time.
  2. Appreciation. Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased substantially over the past couple of years and look to be continuing into 2022. Real Estate is always a solid investment tool.
  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.
  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 ($500,000 for a married couple) as gain without owing any federal income tax.
  5. Predictability. Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may decline the longer you own the home.  However, keep in mind that property taxes and insurance costs will likely increase over time.
  6. Freedom. The home is yours! You can decorate any way you choose and select the upgrades and amenities that appeal to your lifestyle and needs. You’ll also have the flexibility to have those fur babies join your family that rental landlords may have prohibited.
  7. Stability. Remaining in one neighborhood for several years allows you and your family time to build long-lasting friendships and relationships within the community. It also offers children the benefits of educational and social continuity.