REASONS TO PURCHASE A HOME OF YOUR OWN
It's a great investment!
Renting can be expensive. In most cases, from a monthly savings perspective, you’re better off buying. And there’s pride in homeownership. It gives you and your family a sense of security and stability, and ties you to your community. It's making an investment in your future as homes typically increase in value, build equity and provide a nest egg for the future.
It's all yours.
When you have your own home, it opens up all sorts of options for you, both financially and aesthetically, that you wouldn’t have if you were renting. No more worrying about landlords or rent increases and you’ll be able to live in your home for as long as you like. Your costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
You can also renovate and redecorate it as you choose – paint it a color you like, tear out walls, replace the flooring. These types of changes are often impossible when renting but when you own a home, you can design it as you please. Best of all, if you decide to sell, you’ll recoup at least part of the cost of the improvements.
Pay less tax!
You can deduct the interest you pay on your mortgage from your taxable income. The value of this tax break depends on factors like your personal tax bracket, the size of your mortgage, the rate of interest you pay on it and how long you’ve held the mortgage. New homeowners tend to get the greatest tax benefit because during the first few years of paying on your mortgage, the majority of your payment will go to paying on the interest. Property taxes are also deductible, helping you reduce the overall amount that you pay in taxes each year.*
One of the best things about owning a home is building equity. Instead of paying your landlords mortgage each month, you are actually putting it toward your home. Keep in mind that the housing market can be unpredictable, so there is no guarantee that your house will greatly increase in value, though usually, that is the case.
And you can take advantage of that equity with a home equity loan or home equity line of credit. Borrow against your home's equity to pay off high-interest credit cards, make home improvements, pay college tuition and more. Because they are secured, home equity loans and lines of credit generally carry a lower interest rate than other types of consumer loans. The interest on them is generally tax-deductible, as well.
*Consult with your tax advisor.
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