It’s pretty much an American dream to own your home. It gives you peace of mind to know that you have something that is truly yours and a place that you can raise your family.
Many of us are intimated by the idea of owning their own home. It means more responsibilities that come with owning your home as well as the daunting process of finding the home, getting a mortgage and closing on the home. Owning your own home is an investment on your future and can save you tons of money. Basically if you’re renting then you are paying someone else’s mortgage. You do not get a return on investment when you rent.
Benefits of owning your own home
- EQUITY – you are building equity in you home every time you make a mortgage payment.
- OWNING YOUR HOME IS AN INVESTMENT – when you purchase your home it increases in value unlike buying a car it decreases in value each year. As you pay off your mortgage the amount you owe goes down but the value of your home increases.
- TAX BENEFITS – there are many tax incentives to homeowners, for example you can get a deduction on the interest you pay on your mortgage. There are many others that are available.
- FREEDOM – you are no longer a renter but an owner. You no longer have to ask permission to replace or add anything to your home. You can do whatever renovations you want.
- STABILITY – owning a home allows you to have stability for you and your family. You are now part of a community .
- SECURITY -a home provides you with a nest egg. If you later want to downsize you can sell your home at a profit and move into a smaller home. You may also decide that you wanted to rent your home, this can give you a steady income for years to come.
There are so many other reasons to own your own home. Whatever your reason is, it is worth it to invest in your own home.
For more information on the real estate market in the Tampa Bay Florida area contact your local realtor Arona McGinley – 727-422-9340 or firstname.lastname@example.org.