Features and Benefits of Home Ownership
The feeling of owning your own home is unmatched. You can fix it up, make it your own, get a dog, or plant a tree if you want. Doesn’t that sound exciting!
The government rewards homeowners by providing excellent tax benefits. The interest paid on your mortgage and other home- related expenses can generally be deducted from your income.
Home values have a well- documented history of going up over time. This increase becomes equity you can benefit from when you refinance or sell.
Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principal balance on your loan. This builds your equity and acts as a savings account.
People who own rather than rent stay in their homes 4 times longer. This provides an opportunity to get to know your neighbors and connect with your local community.
Research shows children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.