The Benefits of Owning Your Home
June is National Homeownership Month, which makes it the perfect time to explore all the benefits that come with buying your own home. Owning a home seems to be the final step in achieving the American Dream, which makes it frustrating when the various steps and obstacles make it seem unobtainable at first. Thankfully, homeownership is within your grasp if you have the right guidance and planning. Once you take the leap to start your journey as a homeowner, we have a feeling you’ll be proud and happy you did.
If you are still on the fence about whether owning is the right choice for you, we’ve highlighted some of the biggest benefits below that may help you decide.
Privacy. Gone will be the days of loud upstairs neighbors and community spaces shared with strangers. Your property belongs to you and can be kept at your volume level of choice. The separation allows you to welcome friends inside when you want and also provides an escape for you and your family to get away from the bustle of life.
Personalization. Renting does not typically come with the ability to modify your living space to reflect your personal tastes. Owning means that you can make the improvements you want when you want to- all without the control of a landlord. Fluffy can move in, you can hang that painting on the wall, and finally make changes that make it your home and the living environment you’ve always wanted.
Investment. A home is a purchase that appreciates over time, unlike buying a car or other possessions. The national average home price has gone up every year, even during times of recession. Gaining equity can be reinvested in a current home or in purchasing a new one.
Tax Deduction. Homeownership is encouraged by the federal government because of its contribution towards economic growth. Because of this, tax incentives are offered for homeowners. After paying the interest on your mortgage, there is an option to deduct the interest you payed on your income tax return. Payments toward private mortgage insurance (PMI) and other home-related expenditures may qualify for tax benefits.
Pride and Community. Owning your own property brings a strong sense of pride and responsibility that other purchases do not typically provide. The stability alone provides the opportunity for growth and development of your family in a place they feel comfortable and welcomed. Staying in the same place also creates friendships and a sense of community over time, which will make you enjoy your home even more.
Are you still on the fence with questions? Download our Homebuyer's Guide or give one of our mortgage lending experts a call today. We’re happy to answer any questions to help you make the right decision for you.
Lincoln Savings Bank, Equal Housing Lender