Owning a home is a monumental achievement in life. Purchasing a home, however, can be quite the task. Afterall, to buy a home you have to have fairly good credit, save money for a down payment, apply for a mortgage with your mortgage professional in Omaha, and after closing, move everything you own into your new house. So why do so many people go through the stress and work of buying a home? Well, there are several perks to owning your own home. Let’s discuss some of the top reasons why.
Every single month that you make your mortgage payment, you are also building equity in your home. Equity is the percentage of the home you already own. Paying towards your principal balance every month is like putting money in the bank. And unlike other large purchases you make in your lifetime, such as a buying a car or flat screen TV, a home appreciates in value. So the longer you own your home, the more value and equity you accrue.
Stable Monthly Mortgage Payment
Anyone that has ever rented an apartment or house knows that once your lease is up for renewal, there is more than likely going to be a rent increase. That means one of two things: either you pack up all your belongings and move to another apartment to get lower rent; or you stay and pay the higher rent. This can be a costly and inconvenient way to live. However, when you decide to purchase your own home with a mortgage professional in Omaha, Nebraska, your monthly mortgage payments are fixed. You know what to expect from year to year, and can plan accordingly.
Another great advantage to owning your home is the tax deductions. The federal tax code allows homeowners to deduct any interest paid on their mortgage from their federal taxes owed. Since the first several years of a mortgage is primarily interest, this can be a huge savings. In addition, some of the closing costs you pay to the mortgage companies in Omaha, from the initial purchase of your home, can also be deducted. Origination points are typically one percent or more of the purchase price, and therefore can save you considerable money. Another tax perk from owning your own home is the property taxes. Homeowners are also able to deduct any property taxes paid on the home from their income taxes each year.
Freedom Over Living Space
There is no price you can put on the freedom that comes from home ownership. Freedom to decorate, landscape, or remodel the home the way you see fit. Freedom to feel that you can settle down, grow some roots and get comfortable in your neighborhood. Freedom that your children have a place to grow up and make lifelong friendships. Freedom that you get from more privacy, with your own backyard and no neighbors living lives above or below you. And with all this freedom comes a sense of pride of ownership. A true sense of accomplishment.
Home ownership comes with many benefits. If you are interested in discussing how your future home ownership can benefit you, contact Steph, The Mortgage Genie, one of the top Omaha mortgage brokers. She is ready to answer any questions you may have and assist you with every step of the mortgage process.