6 benefits of homeownership
19 June 2018
Homeownership is an aspiration for many, but not everyone is even aware of all the benefits the come from owning your own home. Here are six ways that you can gain from ownership.
- Equity building: Unlike a rent payment that goes into a landlord’s pocket, a portion of each typical mortgage payment is invested into the property as equity for the owner.
- Tax benefits: Mortgage interest, property taxes and even some closing costs may be tax deductible depending on the situation*.
- Fixed payments: Most rent payments inevitably go up, but with a fixed-rate mortgage, the mortgage payments stay the same for the life of the loan.
- Long-term savings: In most circumstances, buying a home to live in long-term is cheaper than renting, and once the mortgage is paid off, that monthly payment disappears.
- Greater freedom: When it comes to things like decoration, renovation, pet ownership and other property uses, ownership almost always provides more freedom.
- Intangible benefits: It can’t be measured, but the pride, stability and sense of community many feel from owning their homes is a definite benefit.
If you’re thinking about making the leap to homeownership or are already an owner and want to get more out of it with an updated mortgage strategy, please contact me for a free mortgage consultation.
*Draper and Kramer Mortgage Corp. does not offer tax advice. Please contact your tax professional for any tax-related questions.