Owning A Home In Centennial: Benefits of Home Ownership

In Real Estate on September 2, 2013 by Community Expert Team
Owning A Home In Centennial: Benefits of Home Ownership

Owning your own home is a huge decision for most people. You must decide on how much to spend, what your looking for in a home, what neighborhood to live in and much more. This can all become pretty stressful and you can start to wonder if owning your own home is really worth it. Here are a few benefits of home ownership to help you with your home decision.

 

Owning A Home In Centennial: Benefits of Home Ownership

 

Home Ownership Forces You To Save Money

When you own your own home, a percentage of your monthly mortgage payment goes towards principal. This brings down what you actually owe on your home. Take that with average appreciation rates of 1-2% over inflation and you are gaining equity in your home. The longer you stay in your home, the better this equity becomes as well. The best part is that when you do go to sell your home you won’t have to pay taxes on up to $250,000 in gains for a single person and $500,000 for a married couple.

You Have A Wider Range Of Choice Than Renting

This is true in almost all areas of America, except for a select few. The range of houses you can purchase compared to rent is astounding. You can choose to live in the city, you can pick a suburb, new construction or a farm with acreage.

You Will Get Homeowner Only Tax Breaks

When you own your own home you will get to deduct from your taxes the money you pay towards the interest on your home loan as well as your property taxes. These are savings that only home owners get and can add up to a significant savings on your tax payments.


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