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Home > 10 Advantages To Home Ownership
Are you STILL renting your house or apartment? Are you STILL putting money in
your landlord’s pocket every month? There are many benefits to home ownership
that you should consider as soon as possible. Some of these advantages are:
1 ) The best reason to own a home is the equity you gain from
owning it. Each month when you make a mortgage payment, the amount you owe on
your home goes down. Equity is the difference between how much your real estate
is worth and how much you owe on it. For example, if your home is worth $250,000
and you owe $200,000, your equity is $50,000. You accumulate equity in your
home which is a forced saving.
2 ) Real estate values have risen steadily for a number of years. Of course,
there are ups and downs in the real estate market but over the long term your
property will increase in value. Each year when your property
increases in value, your equity increases.
3) Interest on your mortgage loan is usually deductible on your personal income
tax return. Most of the closing costs and property taxes are also deductible.
The tax savings from owning a home is significant, often resulting
in a refund of several hundred dollars or more.
4 ) Owning a home and making mortage payments on time helps you to establish
a good credit rating.
5 ) Home ownership is a good investment. As you make more payments,
you add to its investment value. Many home improvements also add to the value
and will help you get a higher price if you should decide to sell.
6) Rent payments may increase each year. When you own your home and have a
fixed rate mortgage, the principal and interest remain the same.
7) You can borrow against accumulated home equity to finance
a college education, a business or a dream vacation.
8) When you leave a rented apartment or house, whether you have lived there
one year or ten, you come out with exactly what you went in with. What you have
done is help your landlord build up his equity. When you own a home and decide
to sell it, you benefit from the property. You will receive
a check for the equity amount you have earned duing the time you owned the property
giving you the funds to buy a better home or whatever you want!
9 ) You can decorate your home any way you wish. No worrying
about nails in the wall when you hang your pictures or having to get the landlord’s
consent to hang wallpaper. If you want a pet, you can have one or two without
paying anyone a cleaning deposit.
10)You can often make mortgage payments for around the same amount
or less than you pay in rent.
There are many home-buying strategies that can be used even if you have a
small down payment or less than perfect credit. It's no longer neccessary to
save up a huge chunk of money to be able to purchase your own home. Down payments
can be as low as 3%, or in some cases not required at all. First time homebuyers
can benefit from a variety of government approved loan programs to help you
onto the path of home ownership.
My name is Rachel Barranco, and I am a real estate agent here to assist you each step along the way. Use the request form below to contact me for a free, no obligation discussion about how you can start on the path to home ownership.
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