Friday, February 6, 2015

Home Ownership is a Good Choice for Many

A new home carries a high price tag. However, the advantages of owning a home go far beyond the price tags. For one, a full-fledged homeowner can exercise full control over the property. In short, you can do whatever you want, when you want it. Homeowners are keen on making the home truly theirs through continuous upgrades and renovations on the interior and exterior without having to worry about landlords; which by the way, can have them evicted if they fail to settle rent.

Another benefit involves specific tax deductions exclusive to homeowners. From the annual tax bill, homeowners are allowed by the IRS to deduct their mortgage interest, property taxes, and even energy efficiency improvements. The IRS, though, requires that homeowners itemize their taxes and qualify for an amount more than the standard deduction provided in order to receive tax benefits. Either way, it’s a great option to know about and have.

One more rather unconventional benefit of owning a home points to the fact that a homeowner is typically “forced” to save. Homeowners have to pay their mortgage every month, so they routinely put money aside instead of squandering it on meaningless purchases. It doesn’t stop there; once the home is put up for sale after the mortgage is paid off, the homeowner can even “walk away with a payoff” despite having already subtracted the costs of ownership. 

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