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7 Reasons to Own Your Own Home | Print |  E-mail
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  • Earn Tax breaks. The IRS lets you deduct interest you pay on your mortgage, property taxes, and some of the costs incurred buying a home.
  • Financial Gain. National home prices increased at an average of 5.4 percent annually for the last few years. There’s no guarantee of continued appreciation, but according to a 2001 study by the NATIONAL ASSOCIATION OF REALTORS the typical homeowner has approximately $50,000 of unrealized gain in a home.
  • Personal Equity. Rent payments are gone forever, but mortgage payments contribute to accruing equity.
  • Financial Savings. Equity in your home is similiar to savings in the bank. When you sell, you may qulify for up to $250,000 ($500,000 for a married couple) capitol gain without owing any federal income tax.
  • Stability & Predictability. Mortgage payments don’t go up over time in the same fashion that rent does. Your relative housing costs may actually decline as you own the home longer (in relation to other living costs and income). Property taxes and insurance costs will tend to rise.
  • Personal Freedom. Its your home! You can decorate as you see fit, and benefit from your until the day you decide to sell.
  • Social Stability. Living in the same neighborhood for several years allows you to participate in neighborhood and community activities, and provides opportunity to establish lasting relationships. Your children attain educational consistancy.

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved.


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