Still Renting…Check out the Benefits of Home Ownership

Q. What are the advantages to home ownership versus renting?

A. There are  numerous advantages such as tax breaks, investment, fixed housing costs and the pride of home ownership.  You can generally deduct the interest you pay on your mortgage as well as your real estate taxes on your federal tax return.  As you make your payments on your mortgage, you are building equity. Your home can act like a savings account for you and you can borrow against that equity in the future should you need to.  If you rent a property, you do not have control over the costs and you have no return for your monthly investment. Unless you have a solid lease, you run the risk of eviction and may never have the stability you strive for.  The financial advantages are great, but the best advantages are the control and autonomy that ownership provides.  There are disadvantages to home ownership such as utilities, maintenance costs and upkeep.  Consult your financial planner for the best advice for your situation.

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