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5 Major Advantages to Purchasing Your Own Home

5 Major Advantages to Purchasing Your Own Home

Purchasing a home isn’t just something you do in life; it’s not just something to check off your list. Buying a home is a major financial and life event that requires careful planning and preparation. Owning your own home gives you far more than a space to keep all your stuff. Owning a home offers financial benefits as well as physical and intrinsic value.

Take a look at these benefits of purchasing your own home, and then get in touch with a mortgage lender at Sunset Bank today and get started on a mortgage of your own.

The Benefits of Purchasing a Home

  1. You have somewhere to live– this may seem like an obvious one. Shelter is a basic human need, yet there are about 20,000 homeless people in Wisconsin alone. Your home protects you from bad weather and gives you somewhere secure to lay your head at night – don’t take it for granted.
  2. There is great investment potential- historically speaking, real estate values tend to go up over time. There are also numerous improvements you can make to your home, adding to its value when it comes time to sell.
  3. There are numerous tax advantages- your home is a physical shelter for you and your family. However, it can also be a shelter from the IRS. A few of the available deductions may include deducting mortgage interest, certain closing costs and property taxes (consult your tax attorney).
  4. You accrue valuable equity in your home- as you pay down the balance of your mortgage, you begin to own more of your home. The amount you own is called “equity.” You can use this equity to finance home improvements, emergency expenses or other costs.
  5. You own something that is truly yours- this is definitely an intrinsic benefit, but a benefit nonetheless. When you own your home, you can customize it.. No more sticking to a landlord’s rules or counting on them to (maybe) fix something that breaks. By purchasing your own home, you become independent.

So, if you’re considering the purchase of a new home, keep these benefits in mind and be sure to talk to the mortgage experts at Sunset Bank for your mortgage lending needs. With years of experience and industry knowledge, they’ll help you find the best mortgage solution.