When you purchase your home and make monthly payments you are building equity. The value of your home may also increase over time, so when you sell, you can make a profit.
The main tax benefit of homeownership is the ability to deduct mortgage interest payments. Homeowners can also deduct eligible expenses.
When you rent, your monthly payment can increase after your lease expires. With a new home, your house payments will stay the same year after year.
AN END TO PAYMENTS
As a renting tenant, you continue making payments indefinitely for as long as you're living there. When you purchase your home and have made all of your mortgage payments, you own the home!
There are rules to abide by when renting a home. For example, the landlord may not allow pets. When you purchase your new home, you can make your own rules!
CUSTOMIZE YOUR SPACE
Owning the home you live in gives you the freedom to create your own space. Whether you want to knock down a wall or redo the kitchen to reflect your style, you can do so without the loss of a security deposit.
RAMP UP ENERGY EFFICIENCY
Save money and get tax benefits just for making your home more energy efficient.
SMARTER & CHEAPER THAN PAYING RENT
In most situations, paying rent is way more expensive than buying. In essence, you are paying your landlord's mortgage and building his equity and credit instead of your own.
Owning a home not only is cheaper then renting, it forces you to save money at the same time. Your monthly payments are going towards equity that you can tap into for retirement, college expenses, etc. whereas your rent money just flies out the window.
IT’S RISK CAPITAL
When the economy is booming, real estate prices will go up. Equity in a home is another way of linking part of your portfolio to the long-term growth of the economy–if it happens–and still managing to sleep at night.
Information subject to change at any time. See a new home sales associate for details.