Benefits of Owning a Home

Benefits of Homeownership
You get married, buy a house, have 2.5 kids; people are less and less likely to follow these traditional rites of passages in any particular order, let alone the one listed.  “So why are people still buying houses? Why did the National Association of Realtors report that 5,250,000 homes sold in 2015”?
Buying a house is much more than a symbolic step in your life. It offers long term financial and lifestyle advantages whether you are single, purchasing the home with your partner or buying the home for your family.
Equity and Homeowners
A term that gets thrown around a lot when discussing the benefits of owning a home is equity.  Equity is a financial term that describes the money that results from selling your home after you pay the balance of your mortgage.  “Over the course of a standard 30-year mortgage, each monthly payment goes towards building that equity.”  Instead of throwing money away on rent, your monthly payments go towards building equity.  Also, any improvements, commonly referred to as “sweat equity,” work towards increasing the eventual sale price of your home.  Through hard work and monthly payments, homeowners receive a cash-out when they sell their home and liquidate their equity.
Tax Benefits for Homeowners
As a homeowner, you can receive many tax benefits.  The money you would already be spending on rent is now a tax deduction.  The interest and property tax portion of your mortgage are tax deductible.
Lifestyle Benefits for Homeowners
Communities are built on the collective pride of the ownership of its homeowners.  As a result, some of the best neighborhoods have very high owner occupancy. This leaves very few options on the rental market.  By buying a home, you will have easier access to communities with the best schools, amenities, and other opportunities.
Benefits of Homeownership
To review, buying a home isn’t something that you do because you should, it is a solid financial and lifestyle investment.
“You Build Cash Equity
Are Eligible for Tax Deductions
Contribute to a Forced Savings Plan
Experience Pride of Ownership
Opportunity for Sweat Equity