benefits of home ownership

Benefits of Home Ownership

Why should you buy a home?

Everyone at one point or another has thought about purchasing a home. However, those thoughts also include wondering if it’s worth it, and if it is even possible. We are going to discuss the different benefits of home ownership and why owning a home is probably right for you.

benefits of home ownership

Tax Savings

One of the biggest advantages for home owners is the amount that is saved on taxes! Home owners can write off mortgage interest on their tax returns. Include this in your decision making process!

Equity

Your home can be a great source of extra cash if you decide to sell. Home equity is the current market value of your home, minus what you owe. When you sell, you get the net profit which means more cash in your pocket! Additionally, you could use this to re-invest into your home for renovations and remodels if you would like. Of course, I would recommend talking to a financial counselor before doing anything, these are just options and not financial advice.

Appreciation

Generally, over time, the value of your home will increase. This is a great way to build up wealth without having to do anything. 

Personal Value

Speaking of wealth, owning a home increases your personal net worth by an average of 46%. Having an increased net worth means more financial stability in the long-run.

Roots

Homeowners stay in their homes 4X longer than renters. This gives you the opportunity to connect with the local community and put down roots for your family. Additionally, this means no rising rent year over year for you.

Conclusion

These are just a few benefits of home ownership, there are of course many many more! Make the decision today to invest in your family, and purchase your next home. Don’t fret over coming up with cash. It’s possible to get into a home with no down payment. Just fill out the form below or contact me directly at (253) 457-5441