It will be Yours and Yours Alone 

Owning your own home frees you from the restrictions that renters experience. You can paint the walls the color you like or hammer a nail where you want without hassle from the landlord!

Life Style

Homeowners are a different breed. When you live in a neighborhood or complex that is basically owner occupied, your neighbors – like you, have invested in and care about their property. They are willing to spend more time, effort and money to improve the property and the community, which in turn improves the value of your property.

Equity Build-up

Once you have made them, rental payments are gone. But with each mortgage payment, you are buying something tangible and building up equity. The longer you own your own home, the greater will be your equity.

Keep up With Inflation

A home is an investment that helps you keep up with inflation. Not all homes appreciate in value at the same rate; some years are better than others, but real estate historically has kept pace, and usually exceeded, the rate of inflation.

Income Tax Benefits

All interest paid on a mortgage is deductible for state and federal income tax purposes. Moreover, state and locally property taxes also are deductible. Generally speaking, 90% to 95% of your house payment is income tax deductible during the early years of the mortgage.

Payback on Improvements

A renter who makes improvements on the home they occupy enjoys no financial benefits from them when they relocate. As a homeowner, you can recover all or part of the cost of the improvements when you sell the house.

Trade-Up Value

Even if your first purchase isn’t your “dream home”, you will be working your way up to that possibility when you buy a home. With appreciation you are building equity that, one day, will make your dreams a reality.

Security for Retirement

Unlike rent, which goes on forever, the mortgage on your home will someday be paid, providing you with “rent-free” living for your retirement.

Investment Property

For some homeowners, second houses or condominiums are proving to be good investments as income producers or tax shelters, or both. As the owner of investment property, you can enjoy not only extra income, but also additional tax benefits from the depreciation allowance that is provided under present tax laws.

Interest Rates may be Deceiving

Because the interest is tax deductible, the “effective” interest rate is lower than the note rate. For example, a mortgage interest rate of 12% becomes an “effective” rate of 8% after taking the tax benefits into account.