5 Benefits To Owning A Home You Haven’t Thought About- Owning your own home can come with many pros and cons. Sometimes the cons outweigh the pros, but when the time is right the pros will outweigh the cons. No matter what kind of situation you’re in, or what point of your life you’re in, owning your own can have a number of benefits. Here are five benefits to owning a home that you likely haven’t thought about.
Owning your own home allows your to build your wealth over a long period of time. Buying a home is one of the most strategic investments you can make; however, this is only the case when you purchase a home that is actually in your price range.
Believe it or not, when it comes to both federal and state income tax, you will actually have more tax deductions as a homeowner then you will if you rent. In addition, a lot of the closing costs you pay when you purchase your home can be tax deductible. More information on tax deductions for homeowners can be found here.
When you own a home, you have the freedom of decision making. Hate the color of the walls? Want a bigger closet in the master bedroom? If you can afford to make those changes, nothing is stopping you, because it’s your own choice to make, you don’t need to answer to anyone – except your spouse!
Buying is Cheaper
In the long term, buying a home is cheaper than renting. Over time the interest portion of your mortgage decreases, which will inevitably be lower than the rent that you’d be paying. So, why not spend your money on something you’re living in as opposed to paying off someone else’s house?
The cost of living in a home you’ve purchased is more predictable than a home you’ve rented – thanks to fixed rate mortgages. This enables you to be more stable and help you plan for the future.
There are a number of benefits to buying a home, rather than renting one. To learn about more benefits to owning your own home, visit here.