There are many reasons to buy a home. The first is home ownership and knowing your mortgage payment goes toward your financial well-being instead of a landlord’s. Renting is a good short-term solution, but if you are planning to settle in your community for more than a couple years, it makes sense to own your own home. Here are some great reasons for buying a home.
Often an unrated reason, home ownership creates a sense of belonging and allows you to form long-lasting ties with your neighborhood and city. Also, it aids in fostering educational and social continuity for children.
Equity & Savings
Paying your mortgage is like having a ready-made savings plan – you are investing in yourself and benefit from the equity you create, not a landlord or property management company.
Your Rules Reign
As a homeowner you control your environment. You get to set the house rules from pet policies and smoking rules to décor, upgrades, and landscaping decisions. No need to get permission from a landlord to paint your walls, as you determine what, if any, restrictions should be set.
The U. S. Tax Code allows mortgage interest as a tax deduction. And, when you sell your home, you are eligible for up to $250,000 ($500,000 as a married couple) in a federal tax free gain.
With a fixed-rate mortgage, you know what you are paying each month for the term of your mortgage. Rents can rise and landlord can change rental terms each year you renew your lease.
Not only does a sense of pride come from home ownership, but many great financial and personal benefits exist as well. For more information about buying a home in the Colorado Springs, CO area, call us today and let us share even more great reasons to buy your own home.