The Advantages of Owning Your Own Home
There are many clear advantages to owning a home, like; increasing equity, building net worth, growing appreciation, etc. But there are others that many renters don’t think about. For a renter, it’s never too early to make a plan for homeownership. Below are three often-overlooked financial benefits of homeownership.
You won’t always have a monthly payment.
You hear that right! As a homeowner, someday you can eliminate the monthly payment you make on your house. That’s a huge win! Then, use that money for other (more fun) things. The possibilities are endless!
Homeownership is a tax break.
There are many tax advantages to owning a home. Whether you’re living in your fist home or your fifth, it’s a huge financial advantage to have some tax relief tied to the interest you pay each year.
Monthly housing costs are predictable.
Monthly costs become more predictable with homeownership. With a mortgage, you can keep your monthly housing costs steady and predictable. Rental prices have been skyrocketing since 2012, and with today’s low mortgage rates, it’s a great time to get more for your money.
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