Homeownership is often seen as part of the “American Dream,” and rightly so. Owning a home has many advantages compared to renting and paying someone else to live somewhere. Here are just a few of the perks that come with owning your own home:
The Entertainment Factor – Whenever you rent from someone or live in an apartment complex, there are always rules you have to follow or you’ll be thrown out. Like you can only use the pool during certain hours, or you have to reserve the right to use the grill and picnic area. But if you have your own home, you can jump in your pool anytime you wish (provided you have one), and if you have a grill you don’t have to reserve it or share it with anyone else.
Building Equity for Yourself – When you rent, you are paying someone else and helping them build equity on their property. However, if you own the home and make your mortgage payments, or when home values go up in your neighborhood, your equity goes up. Having equity in your home can be very beneficial and can be used to fund other things.
Tax Benefits – There are numerous tax advantages to owning your home. For example, you can deduct any interest you paid toward your mortgage for the year as well as property taxes. You can even get tax deductions for making improvements around your home, like making it more energy efficient. There are so many things you deduct on your taxes from owning your home that you’ll want to ask a tax professional to make sure you are deducting everything you can.
At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.
In case you missed it, check out our last Title Junction post: Loan Disclosure: What Do Lenders Have to Tell You?