Advantages of owning a home

Home ownership is an important part of realizing your “American dream.” There are other aspects associated with the dream, but there is little doubt that owning your own home will always be an important part of being a success. Of course it is nice to point to your home and say, “That’s mine,” but there are other equally important things. Once you have made the leap and purchased one of the homes for sale in Greensboro NC you will see what the additional benefits of home ownership are.

Tax deductions: When you rent a home, the owner gets the tax deductions, of which there are many. When you own the home, you get the deductions. Every year that you own a home, you are saving money, the deductions can be quite healthy and can include interest and property taxes paid.

Although you will probably have a mortgage, most people do, eventually it will be paid off and the home will be yours to do with what you want. You can turn around and rent it if you find yourself an empty nester or you can turn it over to your children, it is your house and your choice. When you first start buying the home, the mortgage payment may be higher than rent, but it does not take long for rents to increase whereas the mortgage payment does not, before you know it, you are living for less than the current rents in the neighborhood.

Homes for sale in Greensboro NC rarely go down in value, they will invariably increase. Of course there are ups and downs but over time, the house will be worth a lot more on the market than what you paid. Think back to when your parents bought their first house, it probably cost them less than $20,000, today it is worth many times that.

Your home is an asset that you can pledge for a future loan. As the mortgage is paid down, you get more and more equity in your property, this equity can be converted into cash if need be. Even if you would prefer to take out an unsecured loan, just being a homeowner rather than a tenant will get you a better rate of interest.

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