6 Ways it Pays to Own Your Home
Owning your own home means more than just not paying a landlord anymore!
Owning your own home is a dream for so many Utahans. It is one of the most important decisions of your life and a huge step forward financially. Not to mention the personal pride and sense of accomplishment you’ll feel!
That said, it’s easy to become overwhelmed at the idea of finding, purchasing and finally owning your own home. You may even feel that you are comfortable renting or that you can’t afford it right now. To help you make your decision we’re including some of the most important reasons why home ownership should be a goal for you and your family.
1. It will be yours
The freedom of owning your home cannot compare to the restriction that renter’s experience. You can paint the walls any color you like, decorate a nursery, landscape the yard, or almost anything else you like!
2. Income tax benefits
Interest paid on a mortgage incurred in buying your primary residence is deductible. In the early years of your mortgage, most of your payment is interest. On top of that, real estate taxes are even deductible.
3. Freedom from rent increases
Rent payments almost always go up, usually every year. If you have a fixed-rate mortgage, your payments of principal and interest remain the same.
4. Building equity for the future
Rental payments are gone once you have made them, but with each mortgage payment you build equity in your home.
5. Security for retirement
Unlike rent, which goes on forever, the mortgage on your home will be paid someday. This will give you rent-free living for your retirement.
6. Trade-up value
Even if your first home isn’t your dream home, you will be working your way up to it. With appreciation and the possibility of a return on improvements, it may provide you with enough equity to make a down payment on your dream home later.
There are so many great reasons to become a home owner. When you are ready, we are ready to help simplify the process and answer your questions!
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The Critchfield Group
121 E. Election Rd,
Draper, UT, 84020
The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2016 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.