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Tag Archives: tax benefits of owing a home

Financial Benefits of Owning a Home

Financial Benefits of owning a home

The biggest issue in today’s market, even if you have a steady job and family, is whether buying or renting is the right move for your family. There are certainly benefits to both approaches, but unfortunately, not everyone is in the position to purchase their own home. That said, if you’re able to qualify for financing, there are numerous financial benefits of owning a home — some that you may not have considered. 1. Build home equity Unlike renting a home or apartment, you can build home equity when purchasing your own home. Equity is the difference between what you owe the mortgage company and your mortgage balance. Your mortgage balance decreases each month that you make a home loan payment to your lender. The longer you own the home and make payments, the less you’ll eventually owe the mortgage company; and as your house appreciates in value, you’ll gain equity. This is a major perk of owning a home. When you have equity, you can borrow against your home with home equity loans or home equity lines of credit. And if you refinance your house in the future, you can borrow cash against your equity. In addition, when you’re ready ...

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