Sure, its tough to pull the trigger and buy a home, especially as a first-time buyer. The big hit of covering both a down payment and closing costs is enough to scare any prospective buyer into staying a renter. When you combine the fact that youll be responsible for any fixes the house needs and that its pretty difficult to just pick up and move, owning your own home gets more frightening by the minute. But fear not, the advantages of owning a home far outweigh the risks. So if youre already looking for a home, continue to do so. If youre a renter, its time to reconsider.
Benefits:
Save big on taxes.
When you own a home youll have to pay a mortgage and property taxes. It stinks, we know. However, the interest on those bills can help. Theyre fully deductible for both federal and state income taxes. The first few years of your mortgage payments mostly go towards interest, which means a big-time deduction for you. As a plus, many times all costs associated with buying a homeincluding those involved with your loan application and home appraisalare usually deductible.
Equity is your friend
Put simply, equity is the appreciation of your homes worth...
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