7 Reasons
to Own Your Own Home
| 1. |
Tax breaks.
The U.S. Tax Code lets you deduct the interest you
pay on your mortgage, property taxes you pay, as well
as some of the costs involved in buying your home. |
| 2. |
Gains. Over
last five years (1998-2002) national home prices have
increased at an average of 5.4 percent annually.
And while there's no guarantee of appreciation, a 2001
study by the National Association of REALTORS® found
that the typical homeowner has approximately $50,000 of
unrealized gain in a home. |
| 3. |
Equity. Money
paid for rent is money that you'll 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 mortgage payments don't go up 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 rise. |
| 6. |
Freedom. The
home is yours. You can decorate any way you want
and be able to benefit from your investment for as long
as you own the home. |
| 7. |
Stability.
Remaining in one neighborhood for several years gives
you a chance to participate in community activities, lets
you and your family establish lasting friendships, and
offers your children the benefit of educational continuity. |
To
calculate whether renting or buying is the best financial
option for you, use this calculator courtesy of Ginnie
Mae.
http://www.ginniemae.gov/ypth/rent_vs_buy/Rent_vs_buy.htm |
Return
to Buying Tips Page
Dennis Martin Realty
info@dennismartinrealty.com
|
