Are you looking to take the plunge into homeownership? Chances are, you've already crunched the numbers and gone over the pros and cons of buying your own home.
Looking to add more things to your pros list? We're here to help. We're talking about the journey of homeownership for an entire month. Below are five things that should be at the top of everyone's list.
Homeownership can help you build equity over time. This is the big one. Owning your own home can be a great way to create equity for the future and provide stability and security for you and your family.
Your monthly payments will remain stable. Speaking of stability, with fixed–rate mortgages, your monthly principal and interest payments will stay the same for the entire period of the loan. This will make it easier to plan and budget.
You may have some tax benefits. You may also be able to deduct the interest on your mortgage and property taxes. These tax savings may offset a portion of the cost of owning your home.
You can take pride of ownership. One of the best things about owning your own home is that you'll have a place that is uniquely "yours" that you can customize — from paint colors to remodeling projects.
Homeownership improves your community. And last but certainly not least, you may find yourself becoming more involved in the community. Homeowners are more likely to support local businesses, thereby improving the local economy — and communities with high homeownership rates naturally attract more homeowners.
How is your list looking now? Stay tuned for more benefits of homeownership as we celebrate National Homeownership month!