June is National Homeownership Month, where we celebrate and focus on how homeownership benefits families and communities across the United States!
When someone asks how homeownership can benefit their family, there’s a lot more to it than a potentially lower monthly payment compared to renting. Here are some of the ways that homeownership can give back to you.
1. The Investment
Purchasing a home and making repairs/improvements over time can add up into a great investment. If you live in a home for more than a few years, the resale value can be thousands more than what you paid initially.
2. Tax Deductions
Owning a home can help you reduce the amount of taxes you owe each year. Mortgage interest and property taxes can sometimes be subtracted from federal or state taxes owed. This can help you put more money back into your pocket.
3. Building Credit
Making consistent monthly payments on a home shows lenders that you are reliable, and this can help you with future large purchases like new homes or cars.
Ownership in general is a great perk to purchasing a home. When a property is yours, you have the freedom to make structural, interior and exterior changes as well as upgrades that help put value back into your home investment.
Keep in mind that homeownership isn’t always for everyone at any stage of life. To see if you’re ready to take the plunge, make an appointment with our Homeownership Center to discuss your situation and create a path just for you.