Still on the fence about becoming a homeowner? While owning a home comes with many responsibilities, its financial and personal benefits can prove it to be one of the best investments you’ll ever make.
One of the greatest perks of becoming a home owner is being able to save a little bit on taxes. In the U.S. most homeowners are allowed to deduct money off the interest they pay on their mortgage every month. Not only is your home interest partially deductible, you can oftentimes get money back on extra cash you’ve spent on refinancing, a home equity loan or line of credit. Each homeowner’s financial situation is different, but be sure to inquire about the great financial perks available to you when you invest in a home.
2.Plant Your Roots
Before becoming a homeowner, you probably jumped from rental to rental every few years (or maybe even more). How do you know if you’re ready to take the leap from renting to buying? While it can be nice to have a change of scenery every once in a while, the money you spend on moving, security deposits and other fees can really take a toll on your savings. One of the great benefits of owning a home is having the opportunity to plant yourself in one, secure place and really make a life for yourself there. Being that you’ll live in the same residence for a long period of time, you’ll likely build lasting relationships with neighbors and play an active role in your community. And if you choose to raise a family in this home, your surroundings become a part of your family history, allowing you to make lasting memories.
3. Be Your Own Boss
While renting may come with fewer responsibilities than owning a home, you’re often confined to the rules of the property’s owners. When you own a home, you’re free to paint the walls any color, plant whatever you’d like in your garden and even adopt furry friends you never were allowed to before. Your home should be a place you can express yourself freely and live comfortably in.
Along with getting a sizable tax break, having the opportunity to build equity is another great financial benefit to owning a home. As you pay off your loan over time, you build more and more equity. Equity equates to whatever amount you have paid off on your home and no longer owe. If you decide to sell your home down the line, having equity plus any increase in the current market value of your property can put you in a really great position financially. When you rent a home, you aren’t building any equity at all and have nothing you can walk away with.
What is your favorite part about being a homeowner? Let us know in the comment section below.