The choice to buy a home is exciting and a key investment in your future. Because there is only so much of it to go around, real estate is the best choice for many investors and the need for most families. This article is designed to show some of the many benefits of home ownership and how buying a home can often turn the American Dream into a reality.
The least profitable area in real estate is rentals, which means that many families are paying to live in a home that isn't their own. In some cases, renting a home is needed. For all others, the money that would be spent on rent could instead be used to pay a mortgage. In fact, monthly rent expenditures often exceed that of a typical mortgage payment. One of the greatest paybacks of home ownership is putting money into something that you can call your own and knowing that the monthly payments are going toward your home's equity.
Speaking of equity, many properties experience an increase in value as more people move into the area or the economy strengthens through an increase in job opportunities. If this happens, home values increase and owners can bask in the brilliance of their newfound profit. When you buy a new car, it devalues the moment that you drive off of the lot. When you buy a home, however, it has the likelihood to appreciate year after year. There are few things in life that can offer you a return above and beyond your original purchase price, but a home can.
When you own a home, you will appreciate the liberty of decorating and making any upgrades that you choose without needing the authorization of a landlord. In addition, you may even be able to use your home's equity to finance some needed upgrades or repairs. In some cases, these changes may even increase the worth of your home. An upgraded kitchen or bathroom, an additional room are some examples of modifications that could result in added value.
Another benefit of home ownership is the tax benefits that are offered. The interest paid on a home mortgage as well as most property taxes paid are tax deductible. For extra information on deducting mortgage interest and property tax, consult the IRS or a tax professional.
In addition to providing yourself and your family with a feeling of steadiness, home ownership can also help improve your credit profile through timely mortgage payments and a steady financial history.
Here are some other benefits you can get from owning a home:
• Improved civic contribution. Homeowners have a great financial stake in their neighborhoods, leading them to volunteer more and be more active in the community.
• Improved health outcomes for families. Homeowners tend to report greater happiness and more control over their lives, leading to better physical and psychological health. Owner-occupied housing also tends to be better conserved than rental housing, leading to improved safety and health.
There are many reasons that owning a home makes sense. The financial reasons are powerful. It is up to you what would be your next step. If you are looking to buy a home in Fairfield county, Look for Kimberly Tapscott. You may contact her at 203-252-8327 or simply visit her website by clicking here.
Author:Kimberly Tapscott Phone: 203-252-8327 Dated: February 1st 2016 Views: 588 About Kimberly: ...
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I am a Native Stamford resident offering you the service you deserve!
Born and raised in Stamford, I provide my buyer clients with in-depth market knowledge. My seller clients enjoy both traditional and practical marketing knowledge which helps them achieve the ultimate goal - a sale!
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""Kimberly jumped in where another Realtor and Lender had failed. She was professional, knowledgable and offered resolution to a past exhausting situation. Highly recommend Kimberly and her team. Thank you again for a job well done!""