A month or two ago, Lezamiz Real Estate Co. discussed renting vs. buying a home, and the benefits that each one brought to you. This week, we wanted to emphasize the rewards to reap from owning your own home. Here are seven great reasons to own, courtesy of Realtor magazine!
1. Tax breaks: The U.S. Tax Code allows you to deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs that go with purchasing your home.
2. Appreciation: Real estate has stable, long-term growth in value. Year-to-year fluctuations are a normal occurrence, but median existing-home sale prices have increased an average of 6.5 percent each year through 2005.
3. Equity: Mortgage payments let you build equity ownership interest in your home.
4. Savings: Building this equity in your home is a ready-made savings plan. When you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability: Unlike rent, your fixed-mortgage payments don’t rise over the years, so it is possible your housing costs may actually decline as the years progress.
6. Freedom: The home is yours. You can decorate how you want, and gain the benefits from your investment.
7. Stability: Remaining in one neighborhood for several years gives you a chance to become active in your community, and gain lifelong friendships for your family.
If you would like to experience the freedom and benefits of owning a home, call Lezamiz Real Estate Co. today at 208-734-7007. We look forward to exploring your needs, and finding you a beautiful home!