Becoming a homeowner comes with a lot of responsibility, but also a lot of rewards. To help you decide if owning a home makes the most sense for you, here are some of the main reasons people choose homeownership over renting.

1. ADVANTAGES
OF
HOMEOWNERSHIP

2. Is owning a home right for you?
Becoming a homeowner comes with a lot of
responsibility, but also a lot of rewards. To
help you decide if owning a home makes the
most sense for you, here are some of the main
reasons people choose homeownership over
renting.
It’s a Good Investment
While home prices move in cycles over the
short-term, if you stay in your home for a long
time, it could increase in value and give you a
substantial return on your investment.
If you are currently renting a home or
apartment, use our Rent vs Buy Calculator to
help determine which option provides the
most economic benefits for you over the time
you plan to be in your residence. When using
the calculator, be sure to include some
assumption about future increases in your
rent, as most landlords periodically raise
rents.

3. WWW.EUSS.EDU
You Build Equity
When you subtract the amount you owe on your home loan from the
total value of your house, the amount left over is your home equity-the
“dollar” value of your home that actually belongs to you. There are two
ways to build equity:
With each monthly mortgage payment you make, a portion goes
toward reducing the amount you owe on your loan, which increases
your equity. In a sense, paying your mortgage is a form of savings, as it
increases the equity in your home.
As your home increases in the value, it creates more equity for you
In a sense, paying your mortgage is a form of savings, since it increases
your home equity which you can tap into if you need money in the
future.
You Enjoy Significant Tax Deductions
Owning a home can reduce the amount you pay in income taxes each
year. Your mortgage interest and property tax payments may be
deductible from your federal taxes, as well as many state taxes. Certain
closing costs and loan discount points also may be tax deductible1. In
the early years of your mortgage, when interest represents the bulk of
your monthly mortgage payment, these tax deductions can put a
significant amount of money back in your pocket.

4. You Build a Strong Credit History
When you buy a home and consistently make your monthly loan
payments on time, it demonstrates to other lenders that you are a good
borrower and the risk of you defaulting on a loan is low. This strong
credit history will be helpful in the future when you need other loans
for buying a car, making improvements to your home, or paying other
major expenses.
You’re Free to Create the Home You Want
Homeownership offers tremendous freedom to create the living
environment that you have always wanted. You can own pets, paint
rooms whatever color you like, make changes to floors and carpeting
and do all the things that make a house your home – all without having
to get approval from a landlord.

5. SOURCES:
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