The Benefits of Homeownership
The rewards of owning your own home include many
benefits unavailable to renters. Among other things, homeownership
allows you to:
- Start building wealth:
Making a mortgage payment every month builds up your equity stake in
your home, contributing to your long-term savings and helping you
solidify your financial future.
- Reduce your tax burden: The
interest you pay on your mortgage is usually tax-deductible, which
can lead to significant tax savings--especially in the early years
of the mortgage term, when most of your monthly payments go toward
interest. Make sure you consult your tax advisor about the
deductibility of interest.
- Build your credit history:
Timely mortgage payments can contribute to a positive credit
history.
- Eliminate landlord hassles:
You'll no longer have to fear non-renewed leases and rent increases.
- Make the house your own:
Aside from zoning rules, Homeowner's Association requirements, and
local building codes, you'll be free to decorate, remodel, and
renovate as you wish.
