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Three Reasons why Owning a Home has Many Financial Incentives

Posted by VIP Realty on Friday, October 28th, 2011 at 5:57pm.

In addition to providing you with a break on your income taxes, through your mortgage interest and your property taxes, and providing you with a steady housing payment for the next 20 or 30 years, owning a home has other financial incentives – incentives you may have not considered!

  • Owning a home allows you to build equity for future use!

Building equity in your Terrell Hills homeis one of the biggest reasons people choose buying over renting. Even if you do very little to improve your home, it will likely increase in value over the years based on market conditions. The equity in your home is like a savings account that builds up without you even adding anything to it! In other words, the equity in your home is like your own personal savings account; an account where you can withdraw money for any number of reasons. You can access the equity in your home, without selling it, by simply taking out either a home equity line of credit or a home equity loan. Many people take out home equity loans or lines of credit to: repair, update or renovate their home; to pay off high-interest rate debts; to send their children to college; to purchase a vehicle; or to simply take a nice vacation! The truth is that home equity is an important tool for homeowners that can even be used to get themselves out of financial trouble or get them through financial hardships. Whatever you choose to do with the equity in your home is your choice, thereby making the process of building equity one of the most important aspects of owning a home.

  • Owning a home keeps your money where it belongs - in your pocket!
You’ve heard it before, but it bears repeating: passing rent along to a landlord is like throwing your hard-earned money down the drain. There are, of course, people who benefit from renting, such as those who move often or are not financially secure; but for most individuals, it just pays to keep money where it belongs: in their pocket! Although you pay mortgage to a lender, you are building equity at the same time, thereby putting money back into your investment.

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