The first most obvious benefit of purchasing a home rather than renting a home is the personal benefits you receive both tangibly and intangibly.  Homeownership allows an individual to buy stake in their community and experience the pride in achieving the American dream of home ownership.  Owning a home is also a good financial decision as it brings with it many financial benefits.   

One of the largest tax benefits is that Interest payments on a home mortgage are 100% tax deductible (consult your tax advisor to learn more). Also, as you continue to pay each month on your home, you build equity in your home as opposed to a rent payment which goes into your landlord’s pocket. Equity continues to increase as the value of your home increases allowing you to borrow against that if ever needed for paying off debts, sending kids to college, home improvements, vacations, etc…

Last updated on November 11, 2010 by Admin