Home ownership is a big step! And with our community being largely military, it may be difficult to determine if it’s even a benefit to your family. Fortunately, along with purchasing a home comes many rewards. Check out these reasons that might help determine if home ownership is right for you & your family!
Invest in your financial future
Over time, the value of a home will increase depending on how well it is maintained & the market well-being. If you plan to be in your home for some time, you may see some increase in the value of the home.
Cash in on tax deductions
Homeowners receive certain benefits when it comes to filing their taxes, like claiming mortgage interests & receiving a deduction for property taxes. Especially during the first few years, when interest accounts for the majority of your mortgage payment- this can add some cash back to your pocketbook!
Improve or build on your good credit
Purchasing a home & making punctual monthly payments shows other lenders that you are a reliable borrower. This will only improve your credit!
Equity is the difference in your home’s value & the amount you owe on it. Each month, when you pay on the mortgage you will be decreasing the amount owed. As you pay down the mortgage & the home increases in value- the equity you have in the home also increases. Homeowners can borrow against this equity to pay down loans with higher interest rates or make improvements on the home.
*Bonus tip! Paying a small amount just to your principal every month will increase the amount of equity you have in your home!
Build the home you want
One of the most obvious reasons to own is that the home is yours, and only yours! You are free to paint the walls, add on a sunroom or even get a dog! The space is truly yours to do with as you please!