7 Reasons Owning a Home Makes Financial Sense
Wondering if home ownership is a smart financial move? We outline seven reasons owning a home makes good financial sense.
Buying a house brings more value than just a place to call home. Here are seven reasons owning a home just makes financial sense.
Tax benefits. Tax time just got sweeter. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and even some of the costs involved in purchasing a home.
Appreciation. Historically, real estate has had a long-term, stable growth in value. The National Association of REALTORS reports that median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014.
Equity. Money paid for rent is money that will never come back to serve you, but mortgage payments let you build equity ownership interest in your home that you can use a variety of ways down the road.
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.
Predictability. Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer.
Freedom. Since you own your home, you can decorate and live in your home any way you choose.
Stability. Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community, and offers children the benefit of educational and social continuity.
"Garrett was great. He listened to my specific requests in our next home and worked hard to find a perfect match. He knew our neighborhood exceptionally well and stayed in constant communication with us during the search/buying process. He went above and beyond expectations." — tdonovan476 on Zillow
