Benefits To Homeownership Outweigh Mortgage Risks

Benefits to​ Homeownership Outweigh Mortgage Risks
For people considering buying a​ home for the​ first time,​ things can be a​ bit intimidating .​
You just have to​ keep in​ mind the​ benefits far outweigh the​ risks .​
Benefits to​ Homeownership Outweigh Risks
There are many benefits to​ owning a​ home .​
Sure,​ there are the​ usual obstacles to​ get over .​
First,​ people don’t want to​ put that much money into it,​ they’d rather just rent .​
Also,​ they don’t want to​ have to​ go through the​ lengthy process of​ buying the​ home and even searching for the​ right home in​ the​ first place .​
Then they don’t want to​ have to​ go through the​ mortgage process and go into debt to​ get the​ home .​
While these are definitely disadvantages,​ the​ simple fact is​ that there are so many major advantages to​ owning a​ home that going through these steps ends up being well worth it.
The most notable benefit to​ owning a​ home is​ equity .​
Equity is​ the​ value of​ the​ home .​
When mortgaging a​ home,​ your initial equity is​ the​ down payment you​ made on​ the​ home .​
As you​ make additional payments,​ your stake in​ the​ equity of​ the​ home rises (since the​ lender owns the​ rest of​ the​ equity) .​
However,​ it​ is​ also important to​ note that equity also rises when the​ value of​ the​ home rises .​
This equity is​ solely yours,​ the​ equity of​ the​ lender does not increase .​
That is​ why many California homeowners are sitting on​ gold mines.
This equity can be used for valuable things such as​ home equity loans and home equity lines of​ credit .​
These are low interest loans with the​ home used as​ collateral .​
Equity opens up many valuable new doors and is​ just one reason why owning a​ home is​ one of​ the​ best things you​ can ever do.
Another advantage is​ the​ tax savings .​
Every dollar of​ interest paid in​ the​ mortgage payments can be used as​ a​ tax write-off .​
This can be a​ very considerable amount,​ especially early on​ in​ the​ loan when the​ interest is​ front-loaded,​ and it​ can save you​ a​ lot of​ money in​ taxes .​
Of course,​ it​ really comes down to​ the​ simple fact that you​ own a​ home .​
That home is​ yours and that with that comes a​ certain pride .​
Owning a​ home is​ one of​ the​ most important things you​ will ever do .​
Don’t pass it​ up,​ don’t choose to​ rent if​ you​ don’t have to​ .​
There are just too many advantages of​ owning a​ home to​ pass up.

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