Okay, so it's the dreaded tax season. This is the time of year when companies like H&R Block thrive.
I was in a local H&R Block office recently and picked up a pamphlet on "homebuying basics: tax-smart steps to the home you deserve." And following, is a summary of what it says are the benefits of homeownership (advantages of owning versus renting).
1. You may qualify for tax breaks. 2. You're investing in yourself. By owning a home, rather than renting, you build equity in that home. That means you're making yourself more valuable.
3. You're protected from inflation. A mortgage payment is usually fixed (or may adjust for a few years and then cap), but rent can increase each year. And your landlord will adjust the rent each year for inflation.
What can you do with the equity in your home?-
Improve your credit score. Just having equity in your home will generally qualify you for better interest rates.
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Fund important expenses. After building enough equity in a home, you can take out a home equity loan to remodel, fund your child's education, consolidate other debts, or take a second honeymoon!
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Reap the benefits when you sell. The more equity you have in a home, the more money you'll have when the home sells.
For more information on any of this, or anything else you may have questions on, please contact me. I'd be honored to help you out.
Dan Hamilton
dchamilton@kw.com
www.HamiltonHomesGroup.com
