Reasons to Own Your Home
· Stability- Remaining in one area for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offer children the benefit of educational continuity.
· Freedom- The home is yours. You can decorate any way you want and be able to benefit from your investment of time and money for as long as you own the home.
· Predictability- Unlike rent, your mortgage payments don't go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
· Savings- Building equity in your home is a ready-made savings plan. And when you sell you can generally take up to $250,000 ($500,000 for married couples) as gain without owing any federal income tax.
· Equity- Money paid for rent is money you will never see again, but mortgage payments let you build equity in your home.
· Gains- On average, the value of a home doubles every 10 years. Real estate is appreciating approximately 3-5% per year here in the Lovell area.
· Tax Breaks- The U.S Tax Code allows you to deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home. Please consult your professional for specifics.