Financial Benefits of Owning Your Home
By Sandra Kilgore, GRI, ABR, SFR –
Buying a home can have many benefits for you and your family.
In addition to the freedom to do as you like with your own property, there are many financial benefits that go unnoticed.
A home isn’t just a place to stay: it is an investment in your future. Becoming a homeowner is like opening a big savings account and watching it grow over time. You build equity by paying down your mortgage and property appreciation. That equity can sometimes be used to purchase another home, pay college tuitions, pay off debts, or even fund your retirement.
When you rent, you are paying the mortgage for the owner, with none of the benefits. Rents increase every year, and you are always at the mercy of others deciding whether you are a qualified tenant. You can also be forced to search for a new home—in a market with escalating rents—if your landlord decides to sell the property, or move back into the home himself.
When you buy a home, your expenses are stable and predictable: no increases in rent, fear of eviction, money tied up in a rent deposit. In addition to the steady payment of mortgage, you will be better able to predict and control your utility costs.
Moreover, the interest you pay as well as the property taxes can be deducted to lower your income tax. You can even write off some of the closing costs. Deducting these expenses at the end of the year means more money in your pocket.
Schedule your free buyer’s consultation today to devise a plan to put you on the path to home ownership.
Sandra Kilgore GRI, ABR, SFR
Direct: 828-515-1588
Cell: 954-540-5593
