Advantages that you will get in Home Ownership
Home ownership is a good investment. Staying in your home for a long period of time could increase the value of your house and can give you totally a substantial return on your investment. While you are investing, you are gaining benefits and many helpful desires too. Home ownership also builds you equity. Paying your mortgage is a form of saving. Mortgage is like savings because it increases the equity of your house which you can top into if you need money in the future. Mortgage will totally help you in money thingy in the near future. A home equity loan or line of credit can also be used to pay off high interest credit card debt, since the interest rate is generally lower and the interest payments are tax deductible. Mortgage will help you a lot in saving money.
Owning a home will help you enjoy significant tax deductions. When your house is yours, the amount you pay in income taxes each day will be reducing. Your mortgage interest and property tax payments may be deductible from your federal taxes, as well as many state taxes. Certain closing costs and loan discount points also may be tax deductible1. In the early years of your mortgage, when interest represents the bulk of your monthly mortgage payment, these tax deductions can put a significant amount of money back in your pocket. Not only these significant tax deductions will you enjoy rather, you will also enjoy build a strong credit history. In buying a home and you consistently make your monthly loan payments on time, it will show to other lenders that you are a good borrower and the risk of you defaulting on a loan is low. This strong credit history will help you in the near future when you need other loans for buying car, adding some properties, making improvements to your home, or paying other major expenses. Home ownership also offers freedom to create the home you want.