5 Reason to Make the Move into Home Ownership [VIDEO]

Listing Your Property for SaleLiving on Long Island

Aug 17

Written By Jessica Sullivan

Todays blog post is going to be chatting about the perks of buying and owning your own home.

It is such a big step in most peoples lives no matter at what life stage you are at. First home, forever home,

vacation home; all BIG steps.

There are a lot of great reasons to own a home! Take a look at this video before or after you read the post below.

Sense of fulfillment - The feeling of owning your own home is unmatched. You can fix it up, make it your own, get a dog, or plant a tree if you want; all without having to have permission from a landlord. Doesn't that sound exciting! Owning a house is just the beginning, making it a home and putting your own personal touches on it where you feel happy to be there is an amazing thing.

Tax Savings - The government rewards homeowners by providing excellent tax benefits. The interest paid on your mortgage and other home-related expenses can generally be deducted from your income.

Appreciation - Home values have a well-documented history of going up over time. This increase becomes equity you can benefit from when you refinance or sell. So when you stay in your home for several years and grow out of it by becoming bigger or smaller your home will most likely have increased in value. And as long as you stayed up to date with mortgage payments this is VERY beneficial for you when the time comes to sell. It can also be beneficial when looking to refinance.

Equity - Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes toward the principal balance on your loan. This builds your equity and acts as a savings account. This ties in with appreciation above, appreciation is also providing you with the equity in your home as you pay down your mortgage and your appreciation goes up. Some homeowners borrow against their equity to make improvements, expand or repair.

Roots - People who own rather than rent stay in their homes 4 times longer. This provides an opportunity to get to know your neighbors and connect with your local community.