Is Owning a Home a Good Investment?
Is Owning a Home a Good Investment?
The short answer is YES. According to House Logic and The BHG Milestone experts, owning a home has financial – and emotional – benefits! Consider:
- Long-term financial growth. Real estate appreciates!
- Building equity. From your downpayment to your mortgage payments (minus fees and interest), each dime adds to your home’s equity.
- Income tax advantages. The sale of your primary residence allows you (in most cases) to avoid tax on your profit ($250,000 for an individual; $500,000 for a couple).
- Additional itemized deductions. If you itemize your taxes, you can deduct property tax, some closing fees (like points), and mortgage interest!
- Fixed monthly payments. Your rent might (will) increase – but your mortgage payment is fixed.
- Improved credit score. Pay on time and reap the benefit!
- Your space – your castle. When you own your home, you can remodel and decorate any way you desire!
- Your sanctuary. Your home is your private sanctuary. It’s all yours!
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