What are the benefits of home ownership?
Here are the most common benefits of home ownership:
Your home is going to appreciate
Despite the financial crisis of 2008, homes typically increase in value, build equity and provide a nest egg for the future.
Your equity grows
For most homeowners, their residence is their largest asset. As you live in and make improvements to your home, and gradually pay down the principal on your mortgage, you are building on this equity.
You can tap into your home's equity
Once you make several payments and bring down the value of your mortgage, you can get a home equity line of credit (a.k.a. HELOC). You can use this to buy anything... rental properties anyone?
You can deduct your interest
All of the interest you pay on a mortgage up to $750,000 is deductible to income tax purposes.
You can deduct property tax payments
Beginning in 2018, up to $10,000 of your property tax payments is deductible for income tax purposes.
The house is yours—you can do what you want to it.
Renters are usually extremely restricted, sometimes they can’t even repaint the walls. If you own your home, the only restrictions are local building codes
Eventually, you will own a home free and clear, with no payments required.
Whether you get a 15- or 30-year loan, at the end of that time, the house will be yours. Renters will have to pay rent every month inde nitely.
Homeownership makes people happy
Nothing makes you happier than knowing that you own your home!