Are you thinking about buying a home and are debating what are the benefits of home ownership?
In this article we will break down the benefits of home ownership so you can make an informed decision if you’ve been thinking about buying a home for sale in Orange County.
The first home ownership benefit is the freedom you will enjoy of being able to make decisions like decorating or renovating your home without having to consult with a landlord or property owner first.
Besides those awesome freedoms which come with owning a home you will also be able to enjoy the freedom of having guests stay as long as they want and you won’t ever have to worry about receiving a notice that your rent has increased.
Even though we’ve seen some turbulence in the Real Estate market over the last 10 years the reality is that owning Real Estate is still one of the best ways to build wealth in the United States because you will be building equity in your home every time you make a mortgage payment.
Did you know that when you buy a home you can deduct some of your closing costs in the first year that you own your home?
Over time you will also be able to deduct your deduct your mortgage interest from your taxes and your property taxes as well.
Even More Tax Deductions
Another awesome benefit of home ownership is that over time you will also be able to enjoy even more tax deductions especially when you open up a home equity loan since you will be able to deduct interest you pay on your home equity loan.
Besides offering you the ability to fix up your home, you could also use a home equity loan to pay off your credit cards, student loan or auto loan while enjoying the tax deduction benefits of a home equity loan.
Forced Savings Plan
Last of all, but most important, buying a home is like having a forced savings plan since with every payment you make on your mortgage loan you’re building equity in your home.
For more about the benefits of home ownership, or to view Southern California homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.