WHAT TO KNOW
7 Reasons to Own A Home
1.
Tax
benefits.
The U.S. Tax Code lets you deduct the interest you pay on your mortgage,
your property taxes, and some of the costs involved in buying a home.
2.
Appreciation.
Historically, real estate has had a long-term, stable growth in value. In fact,
median single-family existing-home sale prices have increased on average 5.2
percent each year from 1972 through 2014, according to the National Association
of REALTORS®. The recent housing crisis
has caused some to question the long-term value of real estate, but even in the
most recent 10 years, which included quite a few very bad years for housing,
values are still up 7.0 percent on a cumulative basis. In addition, the number
of U.S. households is expected to rise 10 to15 percent over the next decade,
creating continued high demand for housing.
3.
Equity.
Money paid for rent is money that you will never see again, but mortgage
payments let you build equity ownership interest in your home.
4.
Savings.
Building equity in your home is a ready-made savings plan. And when you sell,
you can generally take up to $250,000 ($500,000 for a married couple) as gain
without owing any federal income tax.
5.
Predictability.
Unlike rent, your fixed-rate mortgage payments don’t rise over the years so
your housing costs may actually decline as you own the home longer. However,
keep in mind that property taxes and insurance costs will likely increase.
6.
Freedom.
The home is yours. You can decorate any way you want and choose the types
of upgrades and new amenities that appeal to your lifestyle.
7.
Stability.
Remaining in one neighborhood for several years allows you and your family time
to build long-lasting relationships within the community. It also offers
children the benefit of educational and social continuity.
James Phillips, Jr. "Committed Excellence and Integrity" HER Realtors www.jamesphillipsjr.com
