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10 REASONS TO OWN YOUR OWN HOME

  1. Stability. Remaining in one neighborhood for several years provides a sense of belonging to a community, it’s easier to establish lasing friendships, and children won’t have to worry about changing school districts.
  1. Tax breaks: The interest on the mortgage, the property taxes you pay, and some of the costs involved in purchasing your home are currently tax deductible.
  1. Equity: Money paid in rent purchases a home for someone else, but mortgage payments buy the home for you. If you stay in your home for the length of the mortgage, you will own your home, free and clear.
  1. Savings: Making mortgage payments is a way to save: each month, your mortgage amounts drops, giving you more equity in your home. If you sell your home, the difference between what you owe, and what you receive belongs to you.
  1. Gains: Traditionally, home values rise each year. This appreciation adds to the value of a home. This additional value is added to your equity.
  1. Wealth: Owning real estate builds wealth: If housing prices double in a ten year time span, as they have in many areas, homeowners have increased their net worth by the increased value of the home. According to an article in Forbes magazine it is projected that the average family that owns their home will have a net worth of $220,000. The net worth of a family renting is projected to be $5,000. Take charge of your future!
  1. Freedom: The house belongs to you: You don’t have to ask permission to put up a fence or have a dog. Your relatives can stay for as long as you want them to.
  1. Predictability: Unlike rent, with a conventional mortgage, payments are stable and predictable. While there can be an increase in property taxes and insurance, your mortgage amount will remain the same through the life of the mortgage.
  1. Low interest rates: Rates are still at a very low level, and there are a number of mortgage programs that make homeownership affordable without the need for a large amount of cash.
  1. Capital gains: The profit on a house, used as a principle residence, up to $250,000 for a single homeowner, or $500,000 for a married couple, is tax free. (If you purchase a house for $100,000 and sell it ten years later for $200,000, you don’t owe any federal income tax on the gain.)