BENEFITS OF HOME OWNERSHIP

Dated: 05/22/2020

Views: 10

Sunset over Citrus Tower in <a href=Clermont Florida" width="430" height="271" />

BENEFITS OF HOME OWNERSHIP

7 Reasons to Own A Home

1.        Tax benefits.
The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.

2.       Appreciation.
Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®.  The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.

3.        Equity.
Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4.       Savings.
Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5.       Predictability.
Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.

6.       Freedom.
The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.

7.        Stability.
Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.

Looking to purchase a home in Central Florida: click here to see available homes! https://myre.io/0KmewcNPO6FWF

SOURCE: National Association of Realtors

Blog author image

Shelly Linder

Hello! My name is Shelly Linder and I am so happy you found my website! I have been a Florida Licensed Realtor since 2002 and began selling homes shortly after my 3rd son was born. I am a mother of 3 ....

Latest Blog Posts

Tips for Virtual Home Shopping During COVID-19

Tips for Virtual Home Shopping During COVID-19The COVID-19 pandemic has changed so much of the way we live right now, home shopping included. With Stay at Home mandates in place in much of the

Read More

How to Move Safely During the Pandemic

How to Move Safely During the PandemicWith travel restrictions and social distancing in place, many people are postponing their moving plans. Governments are assisting by suspending foreclosures and

Read More

5 Ideas for Making Memories in Your New Home

5 Ideas for Making Memories in Your New HomeWhat comes to mind when you think back to your childhood home? For me, it’s when all the cousins got together and we would play outside at my family

Read More

3 Things to Do When Preparing to Buy Your First Home

3 Things to Do When Preparing to Buy Your First HomeDo you hope to be purchasing a home in the next year or two? It’s important to start preparing for your first home purchase as far in

Read More