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Being Financially Ready When Buying A Home
home ownership today is easily attainable than most people know. Most reasons for owning a home is quite similar to every person, simply to have something of your own.
Home ownership makes sense for many Americans for a lot of reasons mostly of social and family reasons. Purchasing a home also makes sense financially. In the long run, it benefits the home owner more than expected.
Here are 5 financial benefits of home ownership
1.) Housing is typically the one leveraged investment available.
“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.”
2.) You're paying for housing whether you own or rent.
“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.”
3.) Owning is usually a form of “forced savings”.
“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”
4.) There are substantial tax benefits to owning.
“Homeowners are able to deduct mortgage interest and property taxes from income...On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain.”
5.) Owning is a hedge against inflation.
“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.”
Related Topics: 5 Suggestions To Make Money From Your Property
As the team leader for our group, my responsibility is to all of our clients to insure they are treated with respect and all of their needs are met. In addition I am the listing agent for the team hel....
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