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Buying a home is an important step towards building a foundation for your marriage. With each mortgage payment, you are building up equity. The longer you own your home, the larger your equity. Here are some of the benefits of home ownership.
This is the difference between the market value and the amount still owed.
The average appreciation in the Cedar Valley is around 4% every year.
Each time you make a monthly mortgage payment, you build equity that can be converted to cash by refinancing or selling.
The equity you build can help you qualify for other loans such as vehicle or college.
The interest on your mortgage can be used as a write-off when filing your taxes. In many cases, this will take you above the minimum itemized deductible, allowing you to claim many other items.
Property taxes are deductible. Military service and improvements to energy-efficiency are also special tax deductions.
You can avoid taxes on the profit from selling your home if you buy another home of equal or greater value after two years from when you purchased your home.
Owning your home creates security for your future. While rent continues indefinitely, building no equity, a mortgage on your home will be paid off some day.
When you own your home, you have the freedom to decorate, make improvements and lifestyle choices that may be restricted in a rental agreement, such as owning pets.
Ownership can enhance your overall feeling of well-being and establish roots.
When buying, consider future needs as you expand your family with children.
If you plan to live in your community for a more than two years, you should take the first step and contact a Realtor. He or she will get you started on the right track by connecting you with qualified mortgage professionals, and by showing you homes on the market that meet your wants and needs.
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