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Benefits of Home Ownership
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- Credit:
- Owning a home helps you establish financial credibility.
- Independence:
- Owning your own home provides you with independence and more privacy than renting. You are free to paint walls, plant flowers, keep pets and anything else within legal bounds.
- Investment:
- As you make more payments and own more of your home, you add to its investment
value. Most improvements you make will also add to its value.
- Pride:
- A home reflects its owner's values and lifestyle. Owning a home can provide
you with a source of pride, enjoyment and satisfaction.
- Security:
- A home can provide security against inflation because the value of your
home increases as prices go up.
- Stability:
- Being established in a community provides a sense of belonging, stability
and security.
- Tax Advantages:
- Interest on your mortgage loan is deductible on your yearly personal income tax return. Many of the closing costs associated with purchasing your home are deductible, as are your property taxes.
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