Buying a Home is a Great Investment and Savings Account

Consistent Housing Costs

Renting a house to live in your rent can increase each year, varying your housing costs each year. But with a fixed rate mortgage when you own a home, you typically have the same monthly payment amount for thirty years. Picture how much rent might be ten, fifteen, or even thirty years from now. What makes the most sense?

Tax Savings on a Home

With Income tax deductions, the government subsidizes part of the purchase of your home. Interest and property taxes you pay can be deducted from your gross income, in essence reducing your taxable income.

As well, property taxes are deductible also. Your property taxes may also be deducted from your gross income, lowering further your tax obligation.

Involuntary Savings when owning a home

Let’s face it, many people are just not good at saving money these days – an owned home is an automatic savings account. How do you accumulate savings – in two ways. Each month a percentage of your payment goes toward the homes principal.

Additionally, your home appreciates in value each year. Granted the last few years this hasn’t been the case everywhere, but that is changing back towards historic standards. Average appreciation on a home will be back at around four to five percent, although it will vary from year to year. History has shown that owning a home is a great investment.

Are you ready to buy a home? You should be!

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