BENEFITS OF HOME OWNERSHIP
One of the great
freedoms in our country is the right to buy, sell, and own private
property. Often referred to as "The American Dream," a
home is usually the largest financial investment of a lifetime.
Here are the four main
reasons why people are buying homes in today's market.
-
Shelter
Unlike all other capital investments, the home satisfies one
of our basic needs for shelter. Shelter means more than
keeping us secure from the natural elements. It also assures
us the right to privacy which guarantees our individual
freedom. The old saying that equates a home to a castle is
quite accurate in that home ownership allows us to live our
lives according to the preferences of our own lifestyle.
-
Pride of
Ownership
The free enterprise system is one that rewards success.
Traditionally, a home is one of the most significant signs of
success. The obvious pride that one feels owning a home is one
of the great emotional and psychological rewards for attaining
some degree of success in our society. This feeling of pride
is continually nurtured as home owners upgrade the quality of
the homes they own.
-
Tax Advantages
Despite many changes in the Internal Revenue Service tax laws,
home ownership continues to provide unique tax advantages for
ownership of a primary residence and a second home. Mortgage
interest and property taxes are allowed to be deducted from
regular income before tax computations on a primary residence.
Ownership of a second home provides tax advantages. Consult
your accountant for appropriate tax information.
-
Profit
Potential
Unlike other investments, where you make a return only on the
amount of money invested, home ownership allows you the
opportunity to obtain a return on both invested and borrowed
money. This technique, known as leverage, provides a unique
method for every homeowner to enhance his or her net worth.
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