Benefits of Home Ownership
Why Owning Real Estate Can Be A Smart Move
More families in the United States own their own home than ever before. Financially, it is getting easier to purchase real estate, with low mortgage rates and many loan programs aimed at new or first time homebuyers, although in many parts of the country, homes have become less affordable over the past several years, and have recently declined in value.
Benefits and Responsibilities
Benefits of owning your home include:
- Tax deductions on mortgage interest and property taxes
- Building equity, and the possibility of appreciating values
- Ability to leverage down payment funds
- Increased control over the property
The responsibilities and downsides of owning a home are:
- Repayment of mortgage loans
- Property taxes, assessments, and other fees such as insurance and HOA fees
- Not a liquid investment – depending on the market, it can take time to sell and property values are subject to change
- Maintenance and upkeep