Buying a home has long been considered a cornerstone of the American dream. Whether it's your first, or one of many, getting a home loan to purchase a home is one of the most significant financial decisions you’ll make in your life. Many people decide to buy because of the benefits associated with home ownership.
– The value of your home increases (The market is in an upswing.) – You make your mortgage payment a little bit more each month
Asset Appreciation: Homes typically increase in value, which builds equity that can create long-term wealth.
Tax Deductions: Some housing-related expenses are tax-deductible. It’s important to discuss any potential deductions with a licensed tax professional.
Invest for the Future: You can make your money work for you by investing in real estate that can potentially be sold for a financial gain.
Security: Buying a home may provide for greater stability than renting. Housing expenses are usually predictable when you have a fixed interest rate home loan; whereas living in rental property can be unstable due to unexpected increases. Furthermore, renting does not provide the ability for real estate appreciation.
Pride in Home Ownership: Owning a home allows a buyer to settle into a community and establish long-term ties in a designated area.