Homeownership has many advantages – both personal and financial – but buying a home is an important decision. Understanding the differences between renting and buying can help you decide if it is the right time to make the leap.
Benefits of Home Ownership:
- Tax savings – You may earn significant tax savings because you can deduct mortgage interest and property taxes from your federal income tax as well as many states’ income tax if you itemize your deductions.
- A stable monthly housing expense – Your monthly housing loan or mortgage expense can remain the same for the life of your mortgage, depending on the type of loan you choose.
- Equity – You may build equity in your home over the life of your loan, which allows you to plan for future goals like your child’s education or your retirement.
- Personal satisfaction – Your home can be a great source of pride and satisfaction – giving you peace of mind that you’ve built a solid foundation on which to build your future.
Think you are ready to buy a home? Click here to see how much you qualify for or to start getting ready to purchase a home this year
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