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Stable Monthly Payment
With rents increasing there is uncertainty of your monthly payments. When renting a property, the rent payment continues to rise year over year with no end in sight. When you purchase a home, the monthly principal and interest payment is locked in year over year when inflation leads to higher prices. So you can feel rest assured with a stable monthly payment when own your home.
When you own a home, you may be allowed to deduct mortgage interest and property taxes which reduces your adjusted gross income on your federal and state tax returns. These deductions may provide significant tax savings, especially in the early years of the mortgage. When interest makes up most of the monthly payment. After calculating your taxes, you may find that it’s cheaper for you to buy than to rent.
Family and Social Benefits
Home ownership also provides many benefits to the family, children, and the community, such as increased education for children. There are also social benefits to owning a home such as being part of a community.
Making it Your Own
When renting you need to check with your landlord before making any changes in the home, and it’s hard to customize your space to your liking. When you own your own home you can customize your home to your style and truly make it yours.