Why Own? The Pros and Cons to Homeownership
There are many advantages to owning a home, such as:
• You'll have a place that is yours!
You'll own it, have a place to raise your children and become a part of your community. You can pass your home down to your children, and their children, creating security for generations to come.
• You may pay less to own a home than you would to rent – and it's yours at the end!
Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings partially reduce, or offset somewhat, the actual cost of owning your home.
• Your monthly payments won't ever go up if you choose a fixed-rate mortgage!
If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you'll pay the same mortgage payment each month for the entire 30 years of the loan (if your taxes go up, your escrow will go up – increasing your monthly payment).
• You'll build a good nest egg!
Owning a home and building equity is the single greatest source of financial security and independence for the majority of people who've taken this step.
While all of this sounds great, nothing is all one-sided. While there are many advantages to owning a home there are some risks and myths about homeownership you should consider:
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Chafin Realty Inc
5230 Bellewood Court Suite A • Buford, GA 30518
Direct Phone: 770-666-7062 • Main Office (770)831-0844 ext 107
