Benefits of Home Ownership
Investment Benefits:
- You build equity over time, which you take in cash when you sell your home.
- The profits from home investments are often greater than many other investments.
- Because you can borrow against your home, equity can be a source of emergency funding.
- Land appreciation adds to the value of your home.
Tax Advantages:
- Real estate taxes are tax deductible.
- Mortgage interest may be tax deductible (consult with your accountant).
- You can enjoy tax-free profits up to $500,000 from the sale of a primary residence that you have occupied for two of the last five years, if you are married and filing jointly. If you are single or married filing separately, you can enjoy tax-free profits up to $250,000.
Personal Satisfaction:
- Enjoy more privacy in your own home.
- You enjoy the satisfaction and pride of home ownership.
- Home ownership is, for many people, a sign of independence and achievement. It is an investment in your future.