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- Tax deductions: Mortgage interest and property taxes are actually a huge benefit to a homeowner when April 15th comes along.
- Appreciation
- Equity: The portion of the home that is actually owned rises over time. Equity and appreciation often leads to the purchase of a better second home. According to the National Association of Realtors, the average down payment for first time home buyers is 3% while repeat buyers put down an average of 22%.
- Increased borrowing power: Benefits are to be had by homeowners that choose to stay put as well. The equity that is built over time gives homeowners increased power to secure loans and lines of credit to make improvements to the home or to purchase big ticket items.
- Stability: When renting, you really don’t know how much you will be paying in the coming months or years but with a fixed rate mortgage, you know what you will be paying each month for the life of the loan.