The Benefits of Home Ownership
- Freedom! The home is yours. You can decorate any way you want. Want to change the carpet? Add built-ins? Drill holes in the walls for photos? You can, and many of those changes can add value to your investment. You will be able to benefit from your investment as long as you own the home.
- Tax advantages. Mortgage interest and property taxes are deductible from your federal and state income taxes.
- Savings plan. As your property increases in value your equity and net worth increase.
- Equity. Money paid for rent is money you'll never see again. Mortgage payments let you build ownership interest in your home.
- Stability. Remaining in one neighborhood for several years and being an owner in that neighborhood helps establish lasting friendships, allows you to participate in community activities, and offers your children the benefit of educational continuity.