by David Ellis
on Tuesday, August 21st, 2018 at 4:11pm.
According to Wikipedia 67% of adults in the United States own their own home and if you're not one of them, here are the top 4 reasons you should:
1. Pride of ownership. "Your home is your castle!" It’s easy to tell when someone takes pride in owning their home. The continual maintenance of their home is top priority, not only for their own comfort and enjoyment but for the longevity of their investment.
2. Create memories. Your home is where memories are created and treasured, such as weddings, children, birthdays and holidays. It’s a place where the generations of families can join together. These memories are best experienced and preserved in a home of your own.
3. Creative space. You can paint an accent wall, update fixtures, cabinets, doors, and flooring, etc. You can plant trees, bushes, flowers and grow gardens of your choice. Unlike renting, you can personalize your own home.
4. Investment. Financial benefits of owning your own home:
You can purchase a home as part of your investment portfolio.
If you opt for a fixed mortgage payment, it will stay the same.
If you pay off your mortgage, you can use that money for your dream vacation!
When you retire, you can use equity to receive monthly payments to supplement your retirement income through a reverse mortgage.
When you sell your home and you have lived there more than five years, you can receive any equity / capital gains (increase in value) tax free up to $500,000.
The federal government encourages home ownership by giving homeowners tax deductions on the interest paid on their mortgage.
If you need more reasons for purchasing or owning your own home, give us a call and we'd be happy to help! 435.414.8944