Buying a home is at the center of the “American Dream.” It can bring happiness and provide a solid foundation for you and your family. There are many benefits, but especially the following three –
Compared with other investments, short and long-lasting tax breaks allow owners to produce far less. When you are a homeowner, there may be tax breaks that you can take advantage of as renters and non-homeowners, mortgage interest deductions are one of them, a common practice without your real estate duty on your federal income tax return. Some homeowners prefer to use their home equity to get the home equity line of credit (HELOC) or home equity. Interest on these loans can also be tax-deductible. With proper planning, you can get tax benefits that last a lifetime. As always, consult your own tax advisor on the specifics of homeowner benefits.
A home is an investment that can and will increase in value over time. In some markets, home values have increased dramatically in recent years (California, Florida, Nevada, etc.). In other markets, the rise has been slow and steady.
Also, you can use your hard work to make improvements that will increase the value of your home. Every improvement you make will add to the overall value of your home and the quality of your life.
As the value of your home increases and your mortgage numbers shrink, you create equity. If you sell your home and pay the mortgage, that money will remain. As mentioned above, you can borrow against this equity before you need it. It’s almost like the savings account you are
Moving to home gives you the opportunity to meet new people, get involved with your community, sponsor local merchants, and build your new neighborhood. This is a way to establish roots and invest in your city. Homeownership provides the idea of permanence and the foundations of our lives.
Buying a home can be the single, largest investment in your life. There are many benefits, however, some are real and some are sensitive. Perhaps now is the time to take your plunge and buy a home, condominium or townhouse and experience this part of the “American Dream.”