Important Benefits of Owning Your Own Home versus Renting

APAT Real Estate Settlement Services’ nationwide professional team of Mobile Public Notaries would like to share with you some of the many benefits of owning your home, in comparison to renting. In actuality, there are so many benefits that we are unable to go over all of them in this article; so we will highlight some of the most important benefits for now:

Wealth Building/Investments
Increasing the net value of your total wealth over time has many benefits in itself. A strong financial portfolio opens many financial doors. Through Equity andAppreciation, owning your own home benefits your financial portfolio. Equity helps in paying down your mortgage. The appreciation of your home will go up (or maybe go down slightly) each year, based on the current market price.

Owning a home is one of the most beneficial investments you can ever experience. As your equity increases, not only does the value of your home go up, but you will also be able to invest in other homes or businesses. This is a definite bonus with the current housing market. Right now, at the time of this article, states like Florida, Arizona, California, and Michigan have great bargains that will make great investments. However, if you are renting, it is pretty much like setting that money on fire each month as you will never get that back. It is only benefiting the person you are paying the rent to.

Tax Benefits
Home owners enjoy many tax benefits that renters don’t. At the end of each tax year, home owners are allowed to write off the interest that was paid on their homes while renters can’t write anything off. At the end of 2009, all new homeowners will have an average of an additional $8,000 to write off versus zero for renters. Be sure to check with your personal tax professional for exact amounts and full details.

Stability
When you own your own home under a fixed rate mortgage, you know exactly what you need to pay each month, including five years from now, ten years from now, etc. But if you are a renter, you never know what is around the corner as each lease runs out and the next one starts up. Some rent hikes go up so much the renter can’t afford it and has to move elsewhere.

Pride
Being a home owner also gives you a great sense of pride and a stake in your community. When you own a piece of the community, you and other owners will want to work together to build the best communities possible and increase your home value even more. It gives you a solid foundation and ‘roots’ for you and your family.

Purchasing a home is one of the largest investments you will ever make in your entire life. You don’t want to tread this water lightly. You do want to do your research but you need not be afraid of the current housing market. There are many benefits to buying a new home right now! Please contact APAT Real Estate Settlement Services for a referral and/or more details at www.apatsettlementservices.com . If you have a current need to rent temporarily, please see our last article, Finally…Great News for Renters! her

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