Benefits of Homeownership
Once you purchase your first home, you’ll become part of a community and experience the security of owning a piece of land and the walls around you. As a homeowner, you will immediately reap benefits that are not possible while renting a home or apartment. As a homeowner you will be able to:
- Take control of your living space. You will be avoiding rent increases and cancelled leases while having the freedom to renovate, decorate, and alter the home to cater to your tastes.
- Build home equity. Grow your assets and personal net worth via the principal portion of your mortgage payments while your property value increases over time.
- Get tax benefits. Mortgage interest and property tax payments are deductible on your income tax returns. Please consult your accountant or tax advisor regarding such benefits.
- Building a credit profile. By making timely mortgage payments, you will be building a stronger credit profile.