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Valerie Copeland
256-468-0947
val4realestate@gmail.com
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Valerie Copeland
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256-468-0947
val4realestate@
gmail.com
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Owning Vs. Renting

One of the most common and significant necessities that life offers is owning your own home. There is always a sense of security, satisfaction, contentment and fulfilment attached to owning a home.

There is nothing sweeter in life than buying and owning your own property.

Owning a house is a lifetime investment, so proper management practices are required when investing in one.

There are many benefits attached to having a house, including how its prestige and certain peace of mind that can come with it.

Below are some of the main reason why you should have your own house:

 

Mortgage Rate is Low

One of these outstanding advantage is that becoming a homeowner is simpler than ever. In other words, it's relatively cheaper to borrow money for a home now than it was a few years ago.

Interest rates vary through the years, Several years ago, Interest rates were higher and it would have been more expensive to use these mortgage plans. Since these costs have been reduced, it is now easier and cheaper to own a home.

 

You Enjoy an Exclusion in Capital Gains

You will be able to  enjoy an exclusion in capital gains after two years. The house you purchase must be your main residence.

When the house is sold you can obtain profits of around $250,000  if you’re single, or around $500,000 if you’re married, without owing any taxes related to capital gains.

This may sound weird. Indeed, the worth of your home could increase despite the depreciation in the price of the house in the past years.

 

Equity is Built Every Month On The House

Equity is the money you can sell your house for, excluding the money you still owe on it. The amount you owe will reduce each month you make a mortgage payment.

This reduction you experience in your mortgage each month boosts your equity.

 

Homeowners Enjoy a Standard of Living that is More Stable.

When you rent a house, the Landlord has the option to renew or not to renew your lease.

There is always a pleasant feeling attached when you have your own house. This feeling brings a sense of freedom and independence.

The home you live in belong to you and only you or your spouse as well. You can do whatever you want, You have full control over your house.

You do not feel daunted about increase in rent cost or the risks of being kicked out of the house, and you are free to make improvements and change as you wish.

Also, owning your home gives your children the guarantee of attending the school in the area.

 

There is Great Benefit Enjoyed by Homeowners in Tax Related Issues

There are significant tax benefits associated with buying a house.

Both at the time you purchase it and for duration of time you own the home.

You enjoy the first benefit the same year you acquire your house, discount points can claimed on the loan, not minding who made the payment. What do I mean by points? Mortgage points are generally of two types: discount points and origination points. Each of these points is equivalent to one point (1%) of your mortgage.

Discount points involve prepaid interest, are deductible tax- wise and can reduce your total mortgage payment.