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Benefits of Buying a House

There is a variety of benefits of buying a house. The first advantages that come to mind are usually financial. However, there are plenty of personal reasons as well. While it is true that home foreclosures are at an unprecedented high, this fact should not discourage you if you have determined that it is the right time for YOU to buy a home. Consider this:

The Financial Benefits of Buying a Home

• You will always pay a mortgage.
  The difference is whether you are paying the landlord's mortgage or yours. If the mortgage is paid in full at some point, the property is owned free and clear by the landlord.or you. Even if the mortgage is never paid in full, there is still equity earned that benefits the owner.
• Equity is an investment.
  Over time, you build equity in your property. Each month a portion of your mortgage payment is applied to the principal balance, lowering your loan obligation and increasing your equity. Property appreciation also increases equity. The real estate market is cyclic but historically appreciates. In the past 38 years in Southern California, property has appreciated at an annual rate of 7.2%. This is an equity earning of $7200 annually.
• Home ownership is a tax shelter.
  Our tax code benefits homeowners. Tax advantages can include mortgage interest deductions, property tax deductions, and capital gains exclusions. First-time homebuyers should review IRS Publication 530 for full information on the tax benefits of purchasing real estate.

The Personal Benefits of Buying a Home

• The 'American Dream'.
  Home ownership is considered a piece of the 'American Dream', not only in the United States but globally. It is a source of pride. It evokes a sense of roots in a neighborhood and a community for you and your family.
• Home ownership means control over your personal space.
  When you buy a house, you buy the right to design your living space in your personal style. You can decorate to your heart's content using any color scheme you desire. You can change anything about the house that does not complement you, from the fixtures to the landscaping. You can buy a pet if you so choose. Of course, this control may be limited by home association rules and regulations but buying into an association is also a personal choice.
• You can invest in upgrades to the property.
  Owning your own home means that you will be more willing to invest in upgrades that will increase the property value.

Your decision to become a homeowner may be due to either financial or personal advantages or even a combination of the two. Although the personal benefits are not as tangible than the financial benefits, they are often equal or more compelling reasons to buy a home. Either way, taking advantage of the benefits of home ownership is an investment in your future.

Visit AnaheimHills.com or call us at 714.283.6653
to learn more about the benefits of home ownership!

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