What are the benefits of having your own home?

hThere are a number of benefits that come with having your own home –financial and others


1. Homeownership reduces the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year.

(Every year you will receive Form 1098-Mortgage Interest Statement with your federal identification number that shows mortgage interest paid and real estate taxes paid- that is an amount that you can deduct on your federal tax return)

2. If you choose a mortgage with a fixed-interest rate, you'll pay the same mortgage payment each month for the life of the loan. This offers you stability and a better way to budget/plan your financial future.

3. Homeownership is a way to build your long-term financial security. (If you choose the right mortgage, not only you can deduct interest and real-estate taxes from your federal tax return, but you will be paying for the principal amount you owe –building your nest egg)

4. If it is your own home, your children (or whoever you chose) can inherit it in the future. Not only are you creating financial security for yourself, but for the next generation.

There are other benefits that homeowners enjoy: memories that you create for yourself and other family members, ability to change/ to remodel if there is a need or desire to do so, involvement in the neighborhood, etc….