5 Perks That Come With Homeownership

Buying a new home isn’t a step to take lightly. From the upfront costs to the uncertainty of what lies ahead, there’s a lot to consider. But while stress and anxiety are only natural, these initial trepidations can be quickly offset by the rewards of homeownership.

Whether you’re settling into a new home or planning a future purchase, here are a few of the benefits homeowners can enjoy.

A Sense of Belonging

While renting puts a roof over your head, owning provides long-term security. When you know you’re in it for the long haul, it’s easier to invest in your property and community. Homeowners are more likely to do volunteer work and engage in civic activities.

Creative Freedom

As a renter, personalizing your living space isn’t typically an option. But when you own the home, you can landscape, decorate and remodel to your heart’s content. So hang those pictures, paint those walls, and feel free to rip out the carpet!

A Powerful Financial Tool

A home is a long-term investment. Whereas rent payments are simply an expense, mortgage payments build equity and increase your net worth. And since real estate tends to appreciate, your home can also become a valuable asset. Home equity can support retirement goals, fund home renovations, serve as loan collateral and even offset the financial impact of inflation.

Long-Term Cost Stability

Renters often face steep annual increases as market rates climb. Owners with fixed-rate mortgages keep a consistent monthly payment for the life of the loan (e.g., 30 years). Only the insurance premiums and property taxes may fluctuate.

Tax Benefits

When filing tax returns, deductions of mortgage interest and property taxes can result in significant savings. Some closing costs may also qualify. Consult a tax professional to determine your eligibility.

Any questions? If you’re considering a new home purchase, reach out to discuss your financing options.