4 Benefits of Being a Homeowner

4 Benefits of Being a Homeowner

Being a homeowner has many perks and starts the moment you sign closing documents.  Whether you’ve been in your home for years or just added the title “homeowner” to your list of accomplishments, make sure you know all the benefits of owning a home.

Ready to become a homeowner, but don’t know where to start?  Visit our 4 Steps of the Mortgage Process post to get started.

 

The Benefits of Homeownership

 
  Create the Type of Home You Want

Homeownership means freedom to create a living environment you’ve always wanted.  From painting to remodeling projects, the entire space is yours to do whatever you feel will accommodate your life style the best. 

Want to upgrade all the appliances in your kitchen?  Update them to your preferences.  Hate the linoleum tile in the guest bathroom?  Replace it with a more modern look.

 

number two  There’s Tax Benefits With Homeownership

   Your mortgage interest and property tax payments may be deductible from federal taxes, and possibly state taxes.  This is a great benefit, especially in the early years of paying your mortgage when interest is a large portion of the monthly payments.

These savings can go towards home improvement projects or saving for future purchases.

Make sure your home loan options meets your mortgage payment needs.



number three  Your Equity Grows Over Time

Living in an area with potential additional development or in a well-established community assists your home’s increased value.  As your home loan reduces, your equity increases and can start to be looked at as a form of savings over time.

Additionally, you can borrow against your home’s equity to assist with meeting different types of financial needs when necessary, such as:  home improvements, education, or medical expenses.  Read more about our Home Equity Loans.

 

number four  It’s an Investment in Your Community

Homeownership creates a solid investment and gives back directly to the community in which you live.  Putting down roots means becoming a part of a neighborhood and taking time to enjoy local community activities. 

 

Ready to become a homeowner?  Learn more about Where to Start for First-Time Home Buyers or contact one of our mortgage loan officers at realestate@abecu.org or call 1-877-269-4179.


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