Homeownership is and always has been considered to be a major part of the American Dream. Buying a home is one of the biggest financial decisions you can make, and the benefits of homeownership are endless.
If you are considering buying a home, here are 4 perks of homeownership you should know about.
1. Tax benefits
One of the major benefits of owning a home are tax breaks! Homeownership tax breaks come in the form of deductions, with the most common types of tax deductions being real estate taxes, mortgage interest, profit from the sale of a home, private mortgage insurance, etc.
2. Home appreciation
Unlike assets like cars, boats, furniture, and electronics, the value of your home is likely to increase over time. When a property appreciates and gains value, you’ll be able to make more selling the home. When you purchase a home, you’ll also be able to enjoy equity, which you can tap into through a cash-out refi or a home equity loan.
3. Expense stabilization
Rent is expensive, and rental prices are continuing to go up! If you purchase a home (with a fixed-rate mortgage), your monthly mortgage payment will stay the same over the years, giving you more financial freedom, less stress, and an opportunity to save more money.
4. Builds your credit
Did you know that buying a home builds your credit? When you become a homeowner, you’ll be able to build your credit faster by making consistent, on time mortgage payments each month.
Looking into homeownership in 2022? Send us a message to connect!
Photo By: Holly McMurter