It Will be Yours and Yours Alone: Owning your own home frees you from the restrictions that renters experience.
Lifestyle: Homeowners are a different breed. They are willing to spend more time, effort and money to improve their property and the community, which in turn improves the value of your property.
Equity Build-up: With each mortgage payment, you are buying something tangible. The longer you own your own home, the greater your equity can potentially be!
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. State and local property taxes also are deductible.
Return on Improvements: As a homeowner, you can recover all or part of the cost of the improvements when you sell your home.
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 and/or tax shelters. As the owner of investment property, you can enjoy not only extra income, but also additional tax benefits from the depreciation allowance 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.