What are the advantages of purchasing a home?
Buying a home gives you personal benefits such as a sense of buying a stake in your community, and pride for achieving the American dream of home ownership. However, there are some strong financial benefits as well. One of the largest benefits of homeownership is the tax savings you receive. Interest payments on a home mortgage are 100% tax deductible (consult your tax advisor to learn more). And as you continue to pay your mortgage payment, you are building equity in your home, as opposed to a rent payment that goes into somebody else’s pocket. You build equity faster as the value of your home increases, and you can borrow against that equity to pay off debts, send your child to college, make home improvements, or take a much needed vacation. With today’s low or no down payment options, affording a home is a lot easier than you may think.
