Are you thinking of purchasing your first home, but have reservations? Perhaps you're unsure of what's in store? The infographic below outlines four great reasons to embark upon achieving the dream of homeownership.

1. Are you thinking of purchasing your first home, but have reservations? Perhaps you’re
unsure of what’s in store? The infographic below outlines four great reasons to embark upon
achieving the dream of homeownership.

2. TAX DEDUCTIONS
As a homeowner, you can deduct mortgage
interest from your income taxes. Real estate
taxes are also deductible. In addition, certain
tax breaks will be available on capital gains
when you sell. However, bear in mind that
these income tax breaks are only available to
those who itemize deductions, so be certain
that taking the standard deduction is not the
better option for you.
capital gains:
a profit from the
sale of property
or of an investment.
itemize:
to keep track of each
possible tax-reducing
expense throughout
the year.

3. APPRECIATION
A car, for example, loses a significant amount
of value the moment it is driven off the lot. A
home is the exact opposite. The national me-
dian price for a home has risen annually since
1968, even during periods of sales declines
and recessions. Value may also be added
to your home though the installation of
home features and amenities. Con-
sider how enjoyable this could
be if you have a knack for
home improvement!
national median price:
the halfway point in which half
of the homes are priced higher
and half are priced lower. This
value is determined annually by
the NAR (National Association
of Realtors®)

4. BORROWING POWER
Monthly mortgage payments are a scheduled savings program of sorts. Over time, home-
owners accumulate equity, which can often be borrowed against for important expenses like
college tuition. When renting, it is the landlord who accumulates equity instead of the tenant
who is making monthly payments.
equity:
Home equity generally
increases as you repay your
home loan. With each monthly
payment, you pay a portion
of interest, reducing your loan
balance. Over time, more and
more is paid toward your loan
balance, increasing your
home equity.

5. Many believe that a homeowner’s budget
is more stable because monthly costs will
most likely be based upon a fixed-rate
mortgage. Rent and associated fees
tend to rise annually. In addition, your
home is yours. You will never have
to worry about landlord-mandated
restrictions. Paint, renovate and
landscape in any way that you like.
After all, pride of ownership is the
most common contributing factor
to the widespread desire to own
a home.
fixed-rate mortgage:
a mortgage loan where
the interest rate remains
the same through the
term of the loan, as op-
posed to loans where the
interest rate may adjust
or “float”.