3 Great Benefits Of Home Ownership

In Real Estate on September 2, 2013 by Community Expert Team
3 Great Benefits Of Home Ownership

There are lots of personal reasons people have for home ownership. Maybe its part of a business, or they want a certain kind of home for their family, whatever it is home ownership has lots of benefits. Here are a handful of these home ownership benefits.

 

3 Great Benefits Of Home Ownership

 

Home Ownership Helps You Save Money

When you own a home your payments are going towards building equity rather than towards your landlords pockets. The longer you stay in your home, the higher percentage of your payments will be going towards your principal payment, which will build your equity. Along with paying off your principal, over the course of history, homes have appreciates at roughly 1-2% above inflation. This means that on a $200,000 house you would see an additional $2,000 – $4,000 of equity per year. And to top all of this off, when you go to sell your home, you won’t have to pay taxes on up to $250,000 worth of gains, or $500,000 if your married.

Freedom and Pride In Ownership

When you own your own home their is a sense of pride that comes with it that is just not found when renting. This home is yours and is a reflection of you. You get to decorate the home, paint the home or even remodel the home however you choose. This freedom is the main reason many people choose to own their own home.

It Will Save You On Your Income Taxes

Home ownership also provides the wonderful benefit of tax savings. You will be able to deduct your interest payments as well as your property taxes from your income taxes. If that doesn’t add up to much you can even choose to take a standard home ownership deduction. This is a benefit that only home owners get.


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