Benefits of Owning a Home

buyrentIs it time to buy a home? Would it be better to continue renting? These are great topics to discuss with a Realtor to help you weigh your options. Here are some benefits to owning a home over renting.

1. Money that you pay in rent is money that you will never see again. When you own a home, you build equity. Paying mortgage payments allows you to build equity ownership interest in your home.

2. You save money.  As the equity in your home grows, you have a ready-made savings plan. According to the IRS, if you have a gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse.

3. Your home will appreciate in value. According to the National Association of Realtors®, “Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.”

4. You qualify for more tax breaks. Mortgage interest paid to the lender is tax-deductable. Other tax breaks include property taxes, home improvements, and home office tax deductions.

Anthony Coleman, Realtor, Top Guns Real Estate

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