Real Estate Limited
Create a free HomeFinder Account    Login   |    Register
Welcome!    HomeFinder   |    Log Out
  • Search & Tools
    • Start Search Here
    • Explore Places to Live
    • My Homefinder
    • Let’s Talk About It
    • What’s My Home Worth
  • Seminars & Events
  • Client Page
  • About Us
    • Our Profile
    • Testimonials and Reviews
    • RE/MAX and Its Agents
    • Contact Us
Home » Benefits of Owning a Home

Benefits of Owning a Home

The emotional and financial stakes are high when purchasing a home, but rewards can be, too. There are intangibles that are tough to measure, such as stability and pride of ownership. However, there are other substantial benefits that are important to consider. When considering purchasing a home, be sure to look for a house that can grow with your family. The financial benefits of home ownership increase over time.

  • You don’t own anything when you pay rent. However, every mortgage payment increases your degree of ownership in your home and your equity grows. Home ownership requires buyers to save for a down payment and then save each month by paying down a portion of the mortgage principal. To equal this savings, renters would have to invest an amount equal to a down payment plus the monthly savings. Most renters don’t do that.
  • Your costs tend to be more predictable and more stable than renting if they are based on a fixed-rate mortgage.
  • You can deduct mortgage interest and property taxes.
  • In the long term, buying is cheaper than renting because, over time, the interest portion of your mortgage will eventually be smaller than rent you would have been paying. So, instead of paying off your landlord’s building, you are paying off your own home.
  • You can borrow against your equity to pay for major purchases, such as college tuition or remodelling.
  • When you sell your home you may qualify for capital gains exclusion depending on your total financial picture, it’s best to reach out to your accountant for full details.
  • Your home is indeed your castle to do with as you like. Paint the walls any color you choose and bang nail holes where ever you wish.
  • You have greater privacy without any requirements imposed by a landlord.

Have a Question?

Recent Blog Posts

8 Reasons to Buy Your First Home in the Winter

Avoid Potential Turnoffs for Prospective Home Buyers

Seven Ways To Create A More Beautiful Front Door Entryway

Is It Time to Replace Your Rain Gutters?

Home Buying Tips for Teachers

The Welcome Home Team

The Welcome Home Team
Team Website

Contact Info

RE/MAX Real Estate Limited
297 Kinderkamack Road
Oradell, NJ 07649

Phone Numbers
Office: 201-599-1100 Ext. 306
Contact Us

Connect With Us

  • Facebook
  • LinkedIn
  • Instagram
  • YouTube
  • Contact

Find Us On Facebook

Facebook Pagelike Widget
Each RE/MAX® Office is Independently Owned and Operated. Equal Housing Opportunity. It is illegal to discriminate against any person because of race, color, religion, gender, handicap, familial status, or national origin.
engageRE is a trademark of real.leads Inc. All other trademarks are the property of their respective owners.
Site Powered by engageRE | © 2023 real.leads, inc. | Select images used with permission - © Can Stock Photo | WordPress Access | Agent Portal