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7 Reasons to Own Your Own Home
5 Common First-Time Homebuyer Mistakes
10 Tips for First-Time Homebuyers
10 Steps to Prepare for Homeownership
10 Things to Take the Trauma Out of Homebuying
7 Reasons to Own Your Own Home  
  1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.


  2. Gains. Over last five years (1998-2002) national home prices have increased at an average of 5.4 percent annually. And while there's no guarantee of appreciation, a 2001 study by the National Association of REALTORS® found that the typical homeowner has approximately $50,000 of unrealized gain in a home.


  3. Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.


  4. 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 a married couple) as gain without owing any federal income tax.


  5. 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.Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.


  6. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

 

To calculate whether renting or buying is the best financial option for you, use this online calculator courtesy of Ginnie Mae.



Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005 ©. www.REALTOR.org/realtormag

 

 


This data was last updated on Mon Dec 10 15:07:44 EST 2018. The data is subject to change or updating at any time without prior notice. The data is deemed to be reliable but no warranties of any kind, express or implied, are given. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This data is provided in part by the Internet Data Exchange (IDX) program of the Tri-County Board of Realtors┬«, Inc. The listing firm is identified in the detailed listing information. Copyright © Mon Dec 10 15:07:44 EST 2018 Tri-County Board of Realtors ®, Inc.
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