Why Should You Own a Home?
Some advantages to renting:
- flexibility in that you can live in a neighborhood for as little or as long as you want,
- you're free of most maintenance responsibilities,
- you are not responsible for upgrading appliances,
- you do not have to pay property taxes and special assessments,
- lower monthly cost of housing,
- you avoid the risks that homeowners face, housing prices decline or foreclosure risk.
Beneficial reasons for owning a home:
- build equity over time through paying down the mortgage and appreciation increases,
- tax advantages; deduct mortgage interest and property taxes; you may find that it's cheaper for you to buy than to rent,
- monthly payment stability based on your mortgage.
- capital gain exclusion if you have lived in your home for two of the past five years, you can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains upon selling your home,
- equity loans for lower interest than credit cards and the interest is tax deductible.