Benefits To Owning a Home
Owning a home is one of the biggest financial assets with numerous financial benefits to consider. As opposed to the money paid for rent that you’ll never see again, mortgage payments let you build equity ownership interest in your home. On a similar note, your home will appreciate over time. Real estate has had a long-term, stable growth in value. Historically, median single-family home sale prices have increased on average 5.2% each year from 1972 through 2014.
Another financial benefit of owning a home is both the tax benefits and savings. The United States Tax Code allows you to deduct the interest you pay on your mortgage, your property taxes and some of the costs involved in buying a home. Similarly, the equity built on your home is a ready made savings plan. When you finally decide to sell, you can typically make about $250,000 ($500,000 if married and filing jointly) without owing any federal income tax, as long as you have lived in the home for 2 out of the last 5 years.
Lastly, the freedom and stability that come with owning your own property cannot be beat. You’re able to design your home as you please and have the certainty that you always have a place to come home to. Nothing can top that.