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Benefits of Homeownership

Greater Seminole County Real Estate Report 9-9-20: Are you considering homeownership? Check out these benefits of owning a home that you don’t want to miss out on!

Is Now the Time to Buy a Home?

benefits of homeownership gitta sellsFor most people, buying a home is one of the largest investments you will ever make. If you are coming from the rental world, homeownership can seem like a scary leap to make. However, there is a great deal of excitement that comes with owning your own home. This is the place where great times will be had and memories will last a lifetime. Let’s take a look at the benefits of homeownership.

Build Your Equity

Every payment you make on a home allows you to build equity. There are two ways you can build equity with homeownership. The first is that you are getting something in return for your investment. The same cannot be said when you pay into a rental. You do not get anything in return when you move out or if the owner decides to sell the home. However, with homeownership, you own a little bit more of your home every time a payment is made.

Tax Deductions

One huge advantage of homeownership is the tax breaks you receive. These are the deductions you may be eligible to receive:

  • Deduction for interest and property taxes
  • First-year homeowners are eligible to write off mortgage points
  • Option to take out a home equity line of credit after building adequate equity, which is tax-deductible.

Better Control on Costs

As a homeowner, you have the ability to choose which type of appliances are installed, lights are used throughout the home, heating and air system, and so much more. This allows you to choose energy-efficient solutions that save you money for years to come. When renting, you have no say on these matters which means little to no control over costs.

Do as You Please!

When renting you have to ask your landlord permission to do anything to the home. This includes painting, pets, landscaping, etc. When you own your own home, you can make it yours without having to ask permission at every turn.

Ready for a Home to Call Yours?

I’m here to answer any questions you might have when it comes time to homeownership and the home buying process! Please feel free to reach out at gittasells@gitta.com or 407-330-2181! Until next week, stay safe!

Homes for Sale in Seminole County Florida

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