Now that you are a homeowner, here are just a few benefits that you are receiving from your homeownership.
1. Appreciation - Over time an increase can become equity. If you stay in your home for a long time, it could increase in value and give you a substantial return on your investment.
2. Equity - Equity may create cash flow once you refinance or sell. With each monthly mortgage payment you make, a portion goes toward reducing the amount you owe on your loan, which increases your equity. In a sense, paying your
mortgage is a form of savings, as it increases the equity in your home.
3. Happiness - You have created a home for your family. You have the freedom to make the home how you have dreamed with being able to paint, change flooring, etc without having to get approval from a landlord.
4. Credit - Owning a home can help build a strong credit history if monthly loan payments are paid on time.
5. Tax Savings - Interest paid on your mortgage may be tax deductible. Consult a tax advisor for possible tax savings.
6. Roots - People who own stay in their homes 4 times longer than when renting. You get to know your neighbors and community.