Skipper Denton

Broker Associate

 

The decision to purchase a "Home" is exciting and a major investment for your future.  Because there is only so much of it to go around, real estate is the top choice for many investors and the desire for most families.  This article is designed to highlight some of the many benefits of home ownership and how buying a home can often turn the American Dream into a reality.  Call Skipper Denton at 815.603.0305. She Loves What She Does and it Shows!

One of the most profitable markets in real estate is rentals, which means that many families are paying to live in a home that isn't their own.  In some cases, renting a home is necessary.  For all others, the money that would be spent on rent could instead be used to pay a mortgage.  In fact, monthly rent payments

 often exceed that of  a typical mortgage payment.  One of the greatest benefits    of  home ownership  is  putting money into something that you can call your  own  and  knowing that  the  monthly payments are going toward your home's  equity. 

 

 Speaking of equity, many properties experience a growth in value as more  development moves into the area or the economy strengthens through an  increase in  job opportunities.  If this happens, home values soar and owners  can  bask in the  glory of their newfound profit.  When you purchase a new car,  it  depreciates the  moment that you drive off of the lot.  When you buy a home,  however, it has the  potential to appreciate year after year.  There are few things  in life that can offer you a  return above and beyond your original purchase  price, but a home can.

 When you own a home, you will enjoy the freedom of decorating and  making any  changes that you choose without needing the permission of a  landlord or property  owner.  In addition, you may even be able to use your  home's equity to finance some  needed improvements and/or repairs.  In some cases, these changes may even  increase the value of your home.  An upgraded kitchen or bathroom, hardwood  flooring  or an additional room are examples of changes that could result in added  value. 

 

Another advantage of home ownership is the tax benefits that are available.  The interest paid on a home mortgage as well as most property taxes paid are tax deductible.  For additional information on deducting mortgage interest and property tax, consult the IRS or a tax professional. 

 

In addition to providing yourself and your family with a feeling of stability and permanence, home ownership can also help strengthen your credit profile through timely mortgage payments and a steady financial history.