Owning a house brings happiness, provides a solid foundation for a family and is the realization of every person's dream. Aside from these obvious advantages, there are other equally important benefits that house ownership pass on to homeowners.
Home ownership invariably generates long lasting tax advantages. Homeowners have tax advantages that are not available for non-homeowners.
Being able to deduct the mortgage interest in addition to being able to deduct real estate tax on your federal income tax return are two of the common tax advantages offered by home ownership.
In some cases, homeowners can choose to use their home equity to obtain Home Equity Lines of Credit (HELOC) or other types of home equity loans. Again, the interest payments on these loans may also be tax deductible.
With proper planning you may receive tax advantages that last a lifetime. As always, consult with your own tax advisor as to the specific benefits of home ownership that apply to you.
A home is an investment that increases in value over time. There are some states where home values have risen dramatically over the recent years as in California, Florida and Nevada; however, there are other states where property appreciation is not as dramatic.
On the average, property values appreciate at a minimum national average of 5% per year. That in itself is a guarantee that in the future, the value of your home is definitely higher than what you paid for it.
Moreover, you can add value to your investment by doing your own improvements like adding a patio, adding a garage, a sundeck or a Jacuzzi. Each improvement you undertake on use home enhances the quality of life for your family and adds monetary value to your home.
Even if you bought the home on a mortgage, the value of your home continually increases and including your equity as the amount of your mortgage shrinks.
It is like having a savings account that you can draw in the future in case it becomes absolutely necessary. Aside from the obvious fact that you are able to live in it!
Home ownership gives you and your family the opportunity to meet new people, participate in community affairs and the chance to shape your own neighborhood.
It affords you the opportunity to set up your own business in the community where you belong. It also provides a sense of permanence and a solid foundation for your children's lives and future.
Home ownership may be the largest investment in your life but its accompanying benefits and opportunities far outweigh the costs.
