Owning a home may be one of the biggest milestones you’ll achieve in your life. Homeownership is life-changing and comes with many benefits. Owning a home can improve your quality of life and help you achieve financial stability. If you’re thinking about owning a home, give us a call at 1-844-77-vLoan to discuss your options and explore loan programs, or get a free online rate quote to compare your loan options. What are the greatest benefits of homeownership?
Custom Home Improvements
If you are currently renting, or living with parents or roommates, you probably don’t have your ideal living space. Landlords have rules about painting walls and are in charge of upgrades and fixes. When you own your home, you are in charge. You want all new stainless steel appliances? No problem, as long as it’s in your budget! If you’re dreaming of knocking down a wall to expand a room, go ahead (just make sure it’s not a load-bearing wall). The world is your oyster. Many home improvements can also serve as investments down the road if/when you are ready to sell.
A financial benefit of homeownership is the ability to deduct interest payments made on your home loan and property taxes. Many of your early mortgage payments go toward interest.
Home equity is the value of a property less any and all existing liens. For example, if a homeowner’s property is worth $500,000 with liens of $400,000, equity equals $100,000. A good amount of a homeowner’s wealth can be earned from home equity. Equity continues to build up as you make payments, giving you the opportunity to refinance and receive cash for emergencies or home improvements to increase the value of the home.
Owning your home can be a better investment than renting. Although house marketing fluctuations may change the value of your home, your home investment is very valuable. Owning a home also allows you to pay off your home entirely and live debt-free through retirement.
Buying a home is investing in your future. If you are ready to enjoy the benefits of having your own home, contact a mortgage advisor today to get the process started. Follow vLoan on Facebook and Twitter to keep up with our December campaign, #HomeForTheHolidays and share all the ways you’re thankful for your home.
*Union Home Mortgage Corp. (or vLoan) does not provide tax, legal or accounting services. This material is for informational purposes only and should not be relied on for, tax, legal or accounting advice. We recommend consulting your own tax, legal, and accounting advisors regarding the costs and benefits of any potential transaction.