Has owning a home always been a dream of yours? If so, you’re not alone, as most Americans equate homeownership as one of their major life goals. Owning your own home may still seem like a dream, but you can make it a reality by starting to save and planning ahead. Before you know it, you’ll be ready to purchase your first home – and, rest assured, 1st Priority Mortgage will be with you every step of the way.
The benefits of homeownership
If you’re ready to start down the homeownership path, you should know about the benefits you’ll experience by owning your very own home.
Although the upfront costs of home ownership may be steeper, in the long term, you’ll see savings. When you get a home loan with a competitive interest rate, you’ll know exactly what you pay monthly. You can save money or build wealth elsewhere with more control over your monthly expenses.
When you can purchase property, it will likely continue to appreciate or increase in value over time. This means that regardless of the price you are buying, your home will most likely continue to rise until the time comes to sell it, which you can do at a profit. When renting an apartment, you have no rights to the property, as a landlord owns it.
This is one of the most significant benefits of owning a home, which is why many people make it their goal to one day purchase a house. Each month when you make payments on your mortgage, you increase the value of your ownership in an asset (your home). Each year you increase your equity, which can come in handy should you borrow against that equity and take out a home equity loan or line of credit to help with improvements or an emergency. You’re creating lasting wealth for yourself and your family when you purchase a home.
In addition to building equity and having your home value appreciate over time, there are also tax advantages to owning your home. The most significant incentive to homeowners is the mortgage interest deduction, which allows homeowners to deduct the interest paid on their mortgage to lower the taxes owed. However, as a homeowner, you may also qualify for:
- Property tax deductions
- Capital gains
Financial education to pass on
When you go through the home buying process, you learn a lot about the financial ins and outs of the procedure. Teaching your children how to manage monthly expenses and make a mortgage payment gets them on the path early to understand how to purchase a home successfully. Passing on financial literacy is a great way to leave a lasting legacy.
Strong sense of community
Homeowners tend to stay in their properties longer, strengthening community ties and a greater understanding of stability. When you own a home, you take pride in its appearance, which keeps the community more active and engaged. This can even translate into greater civic participation in local affairs.
Privacy, freedom and control of your environment
With your own home, you’ll no longer share walls with others or have common areas everyone uses. Homes offer greater privacy and the freedom to design and improve your space as you see fit.
Lower crime rates
With stronger ties to neighbors and the community, areas with homeowners may experience lower crime rates, including property crime. When neighbors are looking out for each other, crime deterrence is higher. This sense of sec
If homeownership is your dream, many benefits await you. If you’re ready to become a homeowner, contact one of the Mortgage Consultants to get started today!
Contact 1st Priority Mortgage, Inc. for mortgage products and eligibility. 1st Priority Mortgage, Inc. is a Licensed Mortgage Banker, New York State Department of Financial Services, NMLS #29600. All lending products are subject to credit and property approval. Terms, conditions, and certain restrictions may apply on all programs. Interest rate and program terms are subject to change without notice. This is not a commitment to lend. Contact a 1st Priority Mortgage Consultant for full details. (888) 500-9733.