Owning a home will always be part of the American Dream.
There are tons of advantages when you own a home. In this article, let us see the financial advantages of homeownership.
You’ll Save More Money When Buying Than Renting
Homeownership remains cheaper than renting according to the results of the recent Rent vs Buy Report from Trulia.
The report says,
“Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation…Nationally, rates would have to reach 9.1% for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.”
You’ll Be Forced to Save
Homeownership is one of the best ways to save according to SavingAdvice.com. They added,
“Homeownership is a “forced” savings account because you own the home, you have no choice – that monthly housing cost has got to be paid no matter what…Homeownership can be an outstanding way to force yourself to be more frugal in the rest of your spending so that you can save and build equity in your home.”
You’ll Be Offered Several Tax Deductions
There are many tax advantages to homeownership according to the Tax Policy Center’s Briefing Book “A citizen’s guide to the fascinating (though often complex) elements of the Federal Tax System.”
- deduct any interest paid on your home mortgage
- deduct property taxes you pay on your home
- pay capital gains tax on any profits made on selling assets
Some fear that of homes may have already peaked. But buying your home now will be a sound decision for years to come.
At Burgess Group Realty LLC, we help our clients find the best deals in the market. We can help you find the perfect home just for you.
CALL Catherine at 303.506.5669.