What Are the Benefits of Home Ownership?
When it comes to owning a home, you gain several perks that come along with attaining the American Dream. These benefits range from social to financial, and include the following:
Gives you a sense of pride. Since your home is entirely yours, you can customize your home however you deem fit. You can add your own touch to the interior and exterior without needing to seek approval like you would with a rented space.
Builds equity. As you pay off your monthly mortgage, you’re building equity in your home. Equity refers to the amount of value you have in a particular asset.
Strengthens your credit. As long as you make consistent monthly payments, you’ll build your credit. As a result, it becomes easier for you to secure other types of financing.
Qualifies you for potential tax benefits. This is one of the major benefits of homeownership because you can deduct some of the taxes you pay the government. This includes the mortgage interest, which can amount to thousands annually.
Making the jump from renting to buying is a big step, but it’s one that comes with huge rewards. If you’re ready to make that leap, reach out to a trusted real estate professional and you can be one step closer to homeownership.
Sources: Keepingcurrentmatters.com, Fortunebuilders.com, Investopedia.com
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
