Why Should You Be a Home Owner?

Top Reasons to Own a Home

Why Should You Be a Home Owner?

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.

Gains
From 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.

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.

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.

Predictability
Unlike rent, your mortgage payments don't go up over the years so housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.

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.

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.

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