Gail Corcoran
CENTURY 21 Curran & Oberski

7 Reasons To Own A Home

In no particular order, here are SEVERAL good reasons why buying your own home makes perfect sense


The U.S. Tax Code permits homeowners to deduct the interest they pay yearly on their mortgage, as well as the property taxes and some costs involved with purchasing a home.


Real estate has traditionally had a long term stable growth in value.  Year to year fluctuations are normal, yet median existing home sale prices increase on average 6.5% each year from 1972 to 2005.  This trend most likely will return as the current market continues to rebound.


Money paid for rent is money that a person will NEVER see again!  On the other hand, mortgage payments in essence permit a homeowner to build equity ownership each and every month.


Building equity in a home is a ready-made savings plan.  When the time comes to sell, a homeowner can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.


Unlike rent, fixed mortgage payments do not rise over the years so that individual housing costs may actually decline the longer own owns a home.  However, keep in mind, that property taxes and insurance rates can still very well increase.


The home is yours!!! Freedom to decorate in any fashion and the benefit from this action is in place until it becomes a chosen decision to sell.


Remaining in a neighborhood for several years gives a homeowner a chance to participate in community activities, establish lasting friendships, and offers children the benefit of educational continuity.