The Perks of Home Ownership

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The Perks of Home Ownership

 

If you’re like most people, you’ve probably heard from friends, family and all over the Treasure Valley about how important it is for you to buy a home. However, you may still wonder if buying a home is the right thing to do. Relax. Having reservations is normal. But the more you know about why you should it’s a good idea a home, the less scary the entire process will appear to you.

 

Pride

Pride of ownership is the number one reason why people yearn to own their home. It means you can paint the walls any color you desire, turn up the volume on your iPod, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It’s making an investment in your future. Home ownership boils down to one word: roots. You can plant perennials and enjoy them forever. You can plant a tree and watch it grow over time. You can plant a family and watch it blossom.

 

Appreciation

Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated. The Office of Federal Housing Enterprise Oversight tracks the movements of single family home values across the country. Its House Price Index breaks down the changes by region and metropolitan area. Many people view their home investment as a hedge against inflation.  [Insert Idaho/TV/Boise appreciation changes.]

 

Tax Perks

Home ownership is a great tax shelter and our tax rates favor homeowners. As long as your mortgage balance is smaller than the price of your home, mortgage interest is fully deductible on your tax return.  In addition, many closing costs, such as points paid and fees for your loan application and appraisal, may be deductible, either immediately or down the line.

 

Equity

Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation. On average, [insert average equity accrual in Idaho or Treasure Valley].  You are forcing yourself to save by investing in an asset over time. Another perk of acquiring equity is that you can borrow against it.  Consumers can borrow against a home’s equity for a variety of reasons such as home improvement, college, medical or starting a new business.  Cash for emergencies or big-ticket items is also an option.