Home Ownership Part 1 of 2

Studies on home ownership indicate there are many benefits to home ownership over renting a home. Ownership benefits are not limited to single family homes, but also include condos, townhomes, and single family homes. Some of the benefits are: security, investment, tax advantage, savings, leverage, freedom, stability and pride.

Interesting stuff … So, let’s take a closer look at these advantages.

 “SECURITY – SAFETY NET”

 In the event that inflation runs wild, the homeowner has a safety net to help protect themselves from being left out in the street since the homeowner is the only one who holds the keys to the home.

 “INVESTMENT”

 The individual that buys a home is really buying a long term investment. Each monthly payment increases the amount of equity the home offers the owner. Every time a homeowner makes a home improvement, that improvement may increase the value of the home. If the individual was just making monthly rent payments then there is nothing to show for the money paid out each month.

 “TAX ADVANTAGE”

 Every year tax time rolls around … we can use all the help we can get when it comes to reducing taxes. Home ownership is a way to reduce your tax exposure. The homeowner can deduct the real estate property tax and the interest on the mortgage. Plus, if you operate a home office there may be another way to take some deductions. You can’t do this when you are renting.

 

Tim Brodowski, MBA, CNE, GRI, BPOR, CIEA, MilRes Spec
Call/Text 858-354-2354
Email TimBro97@aol.com
www.TimBroHomes.us
BRE #01224576