Some important advantages of owning your home:
- You can take pride of homeownership. You’ll have a place that is uniquely “yours” that you can customize – from paint colors to major remodeling projects.
- You may have some tax benefits. You may be able to deduct the interest on your mortagage and property taxes. These tax savings may offset a portion of the cost of owning your home.
- Your monthly payments will remain stable. With fixed-rate mortgages, your monthly payment will stay the same for the entire period of the loan, making it easier to plan and budget – whereas rental rates rise over time. Remember that if your real estate taxes or hazard insurance premiums go up, your escrow will go up – increasing your monthly payment.
- You have the opportunity to create equity and stability. Owning your own home may be a great way to create equity for the future and provide stability and security for you and your family (provided you stay in it for a number of years and home prices remain relatively stable).