Which offers more stability?
Landlords often raise rents $50 - $100 every year but mortgage
payments usually remain stable.
Which allows you to benefit from mortgage interest?
You can deduct mortgage interest if you buy. If you rent,
your landlord gets the deductions and uses your rent to pay
the mortgage.
Which allows you to deduct real estate tax?
You can deduct real estate tax when you own. If you rent,
the landlord takes the tax deduction.
Which gives you good credit? Homeownership
is a major indicator of financial integrity. Others respect
you for your responsibility and stability.
Which helps you establish roots? When you
rent you are more mobile and often don't establish your roots
in a community.
Reap the Rewards of Home Ownership!
There is pride in ownership, especially home ownership.
Your home is a reflection of who you are and what you want
your life to be - perhaps it's a chic art-deco townhouse in
the city... or a quaint cottage in the woods... or maybe it's
the two-story colonial you've always dreamed of.
Whatever type of home you choose, really make it your home...
buy it! When you make an investment in a home you and your family
can expect the following benefits throughout the years:
Tax Advantages
Mortgage interest is tax deductible.
Real estate taxes are tax deductible.
Local tax benefits are available in many areas.
You can defer taxes on the profit if you sell your home
and purchase or build another home (for at least as much
as the one you've sold within 24 months).
Profits up to $125,000 are tax-free without re-purchasing
if you are 55 or older and meet other requirements when
you sell (this is a one-time only option).
Investment Benefits
You'll build equity (the difference between the value of
your home and the balance of your mortgage). You can sell
and collect your equity in cash, gaining liquidity.
Profits are usually greater on home investments than most
other investments.
Home equity provides a source of emergency funding, since
you can borrow on your equity in most states.
Land appreciation adds to the value of your home.
The growth in population constantly increases the housing
demand (and the value of your home).
Home owning can be an important part of retirement planning.
Personal Satisfaction
More living space. You can have a yard
for gardening, a storage area, a place for a workshop or just
extra room.
Freedom. You can choose your own home,
the style, landscaping, colors and decor. You have the freedom
to arrange and decorate creatively to suit your needs.
Privacy. Your degree of privacy is greatly
increased. You can come and go as you wish without having
to compromise your personality or lifestyle.
Sense of Community. Your home makes you
a solid part of your community. You'll have a feeling of belonging
- whether you are having a backyard barbecue or attending
a town meeting.
Pride in Ownership. You can feel proud
that you own a piece of the neighborhood.
American Dream. You achieve the dream of
most Americans - to have your own home. (A/Real Estate Connection)
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