Benefits of Home Ownership

Buying a home is one of the most significant purchases that a consumer will make in their lifetime.  In addition to deciding on the perfect location, it also requires investing a large portion of one's assets into the venture.  Although this may be a scary and overwhelming thought initially, there are many benefits in owning your own house.

Freedom & Creativity

Before diving into the many financial benefits of home ownership, let's first look at perhaps the greatest benefit of all, Freedom to do what you want, when you want to.  Home ownership allows you to customize your home to your specific needs and wants.  In a rental situation, you are bound to the confines of your landlord and must live under their rules.  As an owner, you are finally free to put in that home theater system you have always wanted, or to paint your Childs room with those bright pastel colors you have been dreaming about since the day they were born.  The possibilities are endless once you become a home owner.

Income Tax Savings

All home owners have the benefit of saving money on their income taxes once they have made the decision to purchase.  Owners can deduct both property taxes and interest paid in a given year from their gross income.  You may be asking yourself, what good does this do me?  When deducting these taxes and interest, it reduces the amount of your taxable income.  In more simple terms, you save money each year!

Appreciation

As a general rule of thumb, home values appreciate every year.  The exact figure varies from neighborhood to neighborhood, as well as from other external factors occurring at the time.  A huge benefit of home ownership is the ability to build equity in a home while the value of it increases.  Home ownership is one of the few investments that allows you to increase the value of your property from simply living your day to day life in it.  Talk about a a great deal!

Pride of Ownership

The pride of owning your own house is something that you can't put a price tag on.  Everybody likes to show off their newest purchases, so why not show off yours?  How great is it to be able to enterain guests at your very own residence.  It is very rewarding to be a home owner and it is something that you should take great pride in.