Why It Makes Sense to Own a Home

Why It Makes Sense to Own a Home

As first-time home buyers you have probably been inundated by advice from family and friends, many of whom are encouraging you to buy a home.  Well you should know that their encouragement is well founded. Here are several advantages of owning a home; 

Tax breaks.  The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home. This is a significant benefit during your first few years of home ownership, because you generally pay more towards interest during that time

Appreciation.   The value of real estate has consistently appreciated over the years. While the real estate market fluctuates over periods of time sometimes up, sometimes down, if you're in it for the long term, the value of your property could appreciate depending on the current market values.

Equity.  Money paid for rent is money that you’ll never see again, but making mortgage payments let you build equity in your home. A benefit of building equity is that you can borrow against it. Because the interest on a home equity loan may be tax deductible and the loan terms are quite long, many people use such loans to pay down short-term, high-interest debts. Home equity loans are also an affordable way to make home improvements or to invest in other properties.

Savings.  Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

Freedom.  One of the greatest benefits of owning your own home is the freedom it can give you. If you live in an apartment, you have to deal with thin walls and noisy neighbors, and the task of keeping your own household relatively noise free. Your landlord may come and go, and there are many rules that limit everything from whether you can have pets to the color of your walls.  The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.

Stability.  Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

View all single family homes on the Market in North Attleboro, MA.

View all single family homes on the Market in Attleboro, MA.