Benefits of Owning a Home

Our top rated St. Charles Real Estate agent offers free advice on benefits of owning your own home for your next Saint Charles County Real Estate move. Home ownership offers tax benefits as well as the freedom to make decisions about your home. An advantage of renting is not worrying about maintenance and other financial obligations associated with owning property.

6 benefits of owning a home:

Tax deductions: Interest paid on a mortgage is tax deductible
One time tax deductions: Points paid toward your loan is also tax deductible that year
Equity: The more principle you pay, the more equity you have in your home (the more you own)
Investment: If the value of your home goes up, when it comes time to sell, you have just made a nice profit
Buying Power:: You now have more money to put down on a bigger home
Stability: Unlike renters, home owners who secure a fixed-rate loan can lock in their monthly housing costs and make prudent investment plans knowing these expenses will not increase substantially.

What about the downfalls?

First there's the down payment and closing costs to muster. Then there's the property tax hit. And maintaining a residence isn't cheap. When it's time to move, "pick up and go" is hardly a feasible option. In the end though, owning a home typically makes sense and typically makes you money.

Just try to be honest with yourself and your finances. How much can you afford? How much are taxes and insurance. Will I have money left over for landscaping, new furniture, needed repairs, etc...