There are many benefits of owning your own slice of paradise. A home is not only one of the largest purchases most of us will ever make, it's the setting in which our lives unfold. Our home is not only an investment, it serves as the backdrop to almost everything that happens to us, good, bad and indifferent. Many of your life's signature moments will occur within those walls.
Given the dollar amounts and financial commitment involved, it's not surprising that home buying isn't always a stress-free endeavor. Yet the process shouldn't fill you with anxiety or dread. In fact, if you're properly prepared, you might even find the home buying process to be an enjoyable challenge. Once you find the home you love, you’ll certainly enjoy the benefits homeownership has to offer.
- Home ownership allows you to build equity (cash value) in your home over the years, money that is likely to be recouped when you sell the house in 10 or 20 years.
- Home ownership offers the promise of dramatically cutting your expenses later in life - after your mortgage is paid off, you'll likely only pay real estate taxes and homeowners’ insurance.
- The interest on a mortgage is tax deductible, potentially saving thousands of dollars per year versus renting, though you should check with your tax advisor.
No matter what your financial situation may be, there are often times when renting actually makes more financial sense than buying. Whether buying a home is right for you is often a complex, personal decision that includes both financial and quality of life considerations.