The Financial Advantages of Owning a Home
Did you know…
Purchasing a home may be easier than you think and could help save money in the long run?
It’s true! There are actually many positives to owning a home that the average person may not know about. Growing Appreciation, Building Net Worth, and Increased Equity are just a few of the benefits that owning a home could provide you. If this seems like new information to you, don’t worry! First Time Home Buyer Advantage is here to show you why it’s never too early to make a plan towards purchasing your first home. Let’s take a quick look at three financial benefits that can lead you in the right direction of greater stability, savings, and predictability!
Monthly Housing Payments Won't Last Forever
When you rent, you have a monthly housing payment. Obviously when owning a home, you have a monthly mortgage payment as well. However, as a homeowner, you can actually eliminate the monthly payment you make on your house by paying off your mortgage on time or early. On the other hand, if you’re renting, you will ALWAYS be making a monthly payment & often, this payment is greater than the average mortgage payment. Even better, as soon as you buy a home, your normal monthly housing costs will become forced savings (known as equity). Building your equity and growing your net worth could mean reinvesting those savings into your future! Eliminating a monthly payment is an enormous step in the right direction towards financial stability and savings!
Tax Break for Home-Owners
Did you know, both the interest and property tax portion of your mortgage is a tax deduction? In other words, as long as the balance of your mortgage is less than the total price of your home, the interest is actually 100% deductible on your tax return! Tax relief in regard to the interest you pay each year is a huge financial advantage!
Housing Costs are Predictable
When renting, you may experience fluctuation of what you pay monthly. Owning a home with a fixed-rate mortgage allows you to budget your finances more efficiently. A mortgage will allow you to keep your monthly costs steady and predictable!