THE ADVANTAGES OF HOMEOWNERSHIP

A home is a sound investment. When you make an informed decision and choose a home you love and can afford, the payoff can be great.

For instance:

• You can control your living environment (Pride of Ownership).

As a homeowner you can improve your home to suit your needs. If you want to paint it a certain color, that’s fine. If you want to knock down a wall, that’s fine. If you want to put nail holes in the wall, that’s fine too. Plus, owning a home may also give you a new sense of pride in your surroundings and what you have accomplished. You and your family may also develop strong ties to the community.

• You can build wealth through homeownership.

With each mortgage payment you are building equity. The longer you own the home the larger your equity. There are also tax advantages – mortgage interest and property taxes are fully tax deductible. Plus real estate will appreciate, how much – depends on market conditions.

• Pay back on improvements.

As a renter you get no financial benefits from any improvements you make on the property, either to the home or to the yard. As a homeowner, you can realize some or all of the costs, and maybe even a profit, from improvements when you sell your home.

• You can work your way up.

With equity build-up, tax savings, and long-term appreciation it is much easier to afford your next larger home when you are ready to move up.

• Keep up with inflation.

A home is an investment that historically has kept pace with and usually appreciates faster than the rate of inflation.

• Lifestyle

Homeowners are different from renters. When you live in a neighborhood or complex that is primarily owner-occupied, your neighbors, like you , have invested in and care about their property. Naturally, they are willing to invest time, money and efforts to improve their property and community, which in turn, improves the value of your property.