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Benefits of Owning your Own Home
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Homeownership does come with a lot of responsibilities but most financial advisors and accountants will tell you that there are many advantages.
Tax Benefits: The interest you pay on your mortgage can be tax deductible from your federal income tax. The amount you spend on repairs and renovations can also be tax-deductible. The Housing and Economic Recovery Act of 2009 also allows for most first-time homebuyers to qualify for an $8,000 tax credit.
Stable Payments: If you choose a fixed-interest rate on your mortgage, your monthly payment will remain the same for the life of your mortgage. In most cases that is 30 years. No more yearly rent increases!
Build Your Net Worth: Owning a home helps you build long-term financial security and independence. Your net worth will increase as the equity is built up in your home.
Independence: Owning your own home gives you a place of your very own! It will provide shelter and security for you and your family.
Tax Benefits: The interest you pay on your mortgage can be tax deductible from your federal income tax. The amount you spend on repairs and renovations can also be tax-deductible. The Housing and Economic Recovery Act of 2009 also allows for most first-time homebuyers to qualify for an $8,000 tax credit.
Stable Payments: If you choose a fixed-interest rate on your mortgage, your monthly payment will remain the same for the life of your mortgage. In most cases that is 30 years. No more yearly rent increases!
Build Your Net Worth: Owning a home helps you build long-term financial security and independence. Your net worth will increase as the equity is built up in your home.
Independence: Owning your own home gives you a place of your very own! It will provide shelter and security for you and your family.
If you need any more information on this topic or buying or selling a home, contact us. We are here to help.
Pamela Edwards, realtor Ebby Halliday Realtors, Inc (972)715-0152 email me
Pamela Edwards, realtor Ebby Halliday Realtors, Inc (972)715-0152 email me