Top Four Benefits of Homeownership! | Town & Country Credit Union

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Top Four Benefits of Homeownership!

Man and Woman in front of house June is national homeownership month! A time to celebrate the accomplishment of owning your very own home and recognizing the professionals who help homebuyers make the American dream a reality. While homeownership comes with added responsibility and financial commitment, it also comes with some major benefits. If you’re on the fence regarding if homeownership is right for you, check out four ways that owning your own home can benefit you in the long run.

1. Investment & Equity

When you purchase your own home, you’re making an investment that will generally appreciate in value over time. This means when it comes time to sell, your house could be worth more than what you purchased it for allowing you to make a profit. The equity in your home is comprised of your down payment plus the portion of your monthly payments that are applied to the principle balance of your mortgage after you pay the loan’s interest. Your mortgage payments reduce the amount you owe while your home may be gaining value. By simply making a mortgage payment instead of a rent payment, you’re building equity in your home.

2. It’s Your Space

When you purchase your own home, you can customize it to your liking. Want a chalkboard wall for the kids to color on? Ready to knock down some walls to make it an open concept space? In need of a home office? Or maybe you want to build a bigger deck, install a pool or plant a few trees to fully enjoy the space outside your home. As a home owner, the possibilities are endless when it comes to making your house feel like a home as opposed to a temporary spot where you are limited to any customization. 

And we can’t forget about our furry friends! You can kick rental policies that restrict animals over a certain weight or monthly nonrefundable pet fees to the curb. At your own home, you can welcome as many animals as you like and if you’re lucky, they may find some friends to play with in the neighborhood.

3. Tax Incentives

We all pay taxes so it’s important to note that homeowners receive tax incentives that aren’t available to renters. When it’s time for you to file, consult your tax preparer as a portion of property taxes and mortgage interest paid out over the year could be tax deductible, allowing you to save money on your taxes! 

4. Building Community & Memories

Choosing where to build or buy is a big decision. Many buyers consider distance to schools, work, parks and conveniences along with road conditions, plans for construction and overall safety of the area. Like most homeowners, you’ll find the spot for you and your family that feels just right. In this spot, you’ll create relationships with your neighbors, host gatherings with friends and family, watch your kids take their first steps and hop on the school bus, spend hours on home improvements and lawn work all while taking pride in the place you chose to call home.

If you’re wondering if homeownership is right for you, set up a time to speak with a local mortgage lender. They’ll explain the journey to homeownership and the costs associated and help you decide if it’s the right time to leap from renting to owning.