Homeownership comes with great responsibility, but it also comes with great reward. For those who are able and choose to purchase a home, there are a number of reasons to be a proud homeowner. Everyone needs somewhere to live, so why not pay your own mortgage instead of your landlords?
Every month that you pay your mortgage you own a little bit more of your home. Equity on your home builds in two ways:
(1) as your house increases in value, you gain more equity
(2) as you pay off more of your loan, the equity builds
A mortgage payment is building a financial resource for the future, which is why some people refer to a mortgage as being like a “forced savings”. If you’re looking to build equity faster consider paying off more than you owe a month or finance with a shorter-term loan. Eventually, you won’t have a monthly housing payment! Consistent, on-time monthly loan payments can also build a strong credit history and show you’re a responsible borrower.
As your property increases in value, so does your equity, allowing for the opportunity to make money when you sell your home. In turn, this money can be used toward upgrading to a new home or you can even take the money and put it toward an investment property.
Enjoy Federal Tax Benefits
For many homeowners, the tax code allows for their mortgage interest to be deducted from their tax obligations. Since mortgage interest is a large part of your mortgage payment in the early years, this can yield a significant deduction. Not only can you deduct mortgage interest but you can also deduct real estate property taxes paid.
Create the Home You Want
Aside from the financial benefits of owning a home, you have the ability to make it yours! You can create the Pinterest perfect house you want it to be! Paint the walls, put up wainscoting, rip out the carpet, put in hardwood flooring, design the kitchen of your dreams. All of this is made possible with homeownership. (Just be wise when making changes to keep potential future buyers in mind) Are you a pet lover? With no landlord to limit your breed of dog, or how many cats, you are free to have as many furbabies as your heart desires!
Cut Down On Your Utility Bill
As a renter, you have no control over the appliances you are provided by your landlord. Old, outdated appliances can contribute toward a larger electric bill. As a homeowner, you have the ability to install Energy Star rated appliances to minimize your electric bill. Some electric companies, like Peco, provide Appliance Rebates for Energy Star certified appliances.
If you are looking to purchase your first home or your 12th home, our team is here to help you find your home sweet home! Give us a call at (610) 409-9200 or send us an email at email@example.com.
There is no place like home sweet home, become a homeowner today!