Top 10 Reasons To Own a Home
1. Pay Less in Taxes
Check with your tax advisor to determine what your tax savings would be.
2. Build Up Equity
Rather than paying rent to the landlord and having nothing to show for it, you are paying down the principal amount of the loan and building up equity in the property every month that you make a payment.
3. Low Interest Rates
Your buying power is greatly enhanced when interest rates are low. If interest rates go up from present levels you will be borrowing less for the same monthly payment. Taking advantage of the low interest rates and locking in a 30 year loan is a smart thing to do and probably will be less expensive than the rent you are paying, after you factor in the tax breaks.
Real Estate is cyclical, however, over the years real estate consistently appreciates.
5. Redecorate and Renovate
Paint the walls your favorite color, attach permanent fixtures and decorate your home based on your taste. When you sell, you will be able to recoup a portion of the improvements that contributed to the added value of your property. (Kitchen and bathroom improvements will add the most value).
6. Stability and Security
You no longer will have to worry about a difficult or negligent property owner, rent increases or the possibility of having to vacate your apartment or home against your wishes. You will be able to live in your house as long as you wish and you can fix your monthly principal and interest payments for up to 30 years.
7. Borrow Against Your Equity
You can obtain a home equity loan or home equity line of credit once you have attained equity in your home. Since these are secured loans, the interest rate is usually lower than other type of consumer loans such as auto loans. In addition, the interest is tax deductible. (Verify with your tax advisor).
8. More Space
Perhaps your family has grown and you are bursting at the seams. Need more room for all of your stuff, an area to enjoy your hobbies or watch TV, or a garage to park your car? Home ownership can provide the extra space that you need.
9. Deferred Gain and Capital Gain Treatment
Please contact your tax advisor for current details regarding the tax liability when you sell your home.
10. Freedom, Enjoyment, Privacy & Pride
Owning your home allows you to make the decisions that are vital to your family's well being, getting a pet, building a garage or planting a garden. Nothing compares to the pride of home ownership. Stop throwing your hard-earned money away and take the necessary steps toward owning your own home. Reach out to a Berkshire Hathaway HomeServices Regency Real Estate sales associate today to start the process. 610-432-5252