The Benefits Of Buying Your Own Home

The decision to purchase a home is exciting and a major investment for your future.  Because there is only so much of it to go around, real estate is the top choice for many investors and the desire for most families.

One of the most profitable markets in real estate is rentals, which means that many families are paying to live in a home that isn't their own.  In some cases, renting a home is necessary.  For all others, the money that would be spent on rent could instead be used to pay a mortgage.  In fact, monthly rent payments often exceed that of a typical mortgage payment.  One of the greatest benefits of home ownership is putting money into something that you can call your own and knowing that the monthly payments are going toward your home's equity.  Therefore home ownership is an investment in your future.

Speaking of equity, many properties experience a growth in value as more development moves into the area or the economy strengthens through an increase in job opportunities.  If this happens, normally home values increase and owners can benefit in the long term.  On the other hand when you purchase a new car, it depreciates the moment that you sit into it and drive.  When you buy a home, however, it has the potential to appreciate over the years.  There are few things in life that can offer you a return above and beyond your original purchase price, but in a normal economy over time a home can do this.

When you own a home, you will enjoy the freedom of decorating and making any changes that you choose without needing the permission of a landlord or property owner.  In addition, in some instances you may even be able to use your home's equity to finance some needed improvements and/or repairs.  In some cases, these changes may even increase the value of your home.  An upgraded kitchen or bathroom, hardwood flooring or an additional room are examples of changes that could result in added value.

Another advantage of home ownership is some tax benefits which may be available.  The interest paid on a home mortgages as well as some other related costs may be tax deductible. 

In addition to providing yourself and your family with a feeling of stability and permanence, home ownership can also help strengthen your credit profile through timely mortgage payments and a steady financial history. 

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