Buying a home is a big financial commitment, one that comes with a lot of responsibility. There’s also a number of benefits that come with purchasing your own Home Sweet Home! Here are a few of our favorites:
Tax advantages. Nobody likes taxes, but when it comes to home ownership, this annual task can be a lot more appealing! Most homeowners are able to deduct mortgage interest and property taxes. (Don’t forget to consult a tax professional about your specific situation.)
Increased net worth. Studies have shown that the net worth of homeowners, on average, is substantially greater than that of renters. (Other studies show that homeowners are on average happier, too!) Homeowners benefit by having part of their mortgage payment each month go towards paying down their loan balance.
An investment in yourself: You’re paying part of your income every month towards rent. Why not pay the exact same amount toward something you own? Not only are you investing in yourself and your future, but you’re taking your landlord out of the equation!