The Many Benefits Of Owning A Home
You know that being a homeowner will benefit you in a number of ways. You can avoid rent increases, protect the roof over your head, and build memories with your loved ones in a special place. There are additional financial benefits of homeownership, too. Here are a few ways owning a home can help you financially.
- Wealth Building: When you purchase a home, you do so for the price agreed upon with the seller. While your car, or even your technology, will depreciate in value over time, your home value grows over the years. That means that as time passes, you can expect to see the value of your home increase, meaning your equity (i.e. your wealth) in your home will also grow.
- Tax Benefits: When you own a home, you can deduct the interest you paid on your mortgage on your income taxes. This can help you save thousands of dollars each year. Your private mortgage insurance may be tax deductible as well.
- Avoiding Waste: The alternative to owning a home is renting. That can seem like the smarter financial move up front because it does not require you to pay a down payment and closing costs. In the long run, however, you are throwing money away when you rent. When you pay your mortgage each month, that money goes into your home’s equity (i.e. your own pocket). When you pay your rent, however, you are giving money to your landlord that you will never see again.
In order to see these benefits, you (of course) need to become a homeowner. When you are ready to buy your first or next home, contact Brighton Escrow. Our Hermosa Beach, California team is here to help you close on your home so you can start enjoying these many benefits.