Top 5 Benefits of Homeownership

If you’re wondering if owning a home is still ‘worth it,’ you’re not alone. Many people today are delaying buying a home longer than previous generations. However, the fundamental values of owning a home are still as valid today as in years past. Here are the top 5 benefits of owning a home:

When you rent, your monthly payments go to your landlord. When you own your home, your monthly payments go towards interest and paying down your loan balance, known as principal. This can create equity for you, which is the value of your home that you would keep if you decided to sell it.

When you renew a lease for a property, you’ll typically get hit with an increase to your monthly rent bill. However, if you buy a home with a fixed-rate mortgage, your monthly principal & interest payments will never change. This gives you greater control over your budget, and you won’t have to worry about drastic rent increases.

Don’t like the faucets in your bathrooms or the look of your kitchen? No problem! You can make updates and decorating choices that suit you, not your landlord. Plus, you can often borrow against your home equity as an affordable financing option to make home improvements.

You can often deduct property taxes and/or mortgage interest payments from your income tax. Talk to your tax advisor for details and to see if you are eligible.

Once you own a home, you will be a true stakeholder in your community. You have a vested interest in local issues affecting your neighborhood. You’ll also find many of your neighbors have the same goals and may even form strong bonds with them over your shared interests.

Buying a home is one of life's most significant financial decisions, so it’s wise to consider all your options. If you’re ready to explore the next steps, talk with one of our Mortgage Bankers today!