Financial Benefits Of Owning A Home
By Lee
For most people, buying a home is the single largest investment they
will ever make. Because buying a home is such a big event, many people
avoid the opportunity altogether and choose to rent instead. When
considering renting, just remember that owning a home has many
financial benefits.
One of the biggest financial benefits is probably income tax
deductions. You can reduce your taxable income by deducting the
property taxes and the interest of your home mortgage from your gross
income.
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So, if you pay $6,000 a year in interest and $1000 a year in property taxes, you can subtract $7,000 from your taxable income.
Another benefit of owning a home is that you control how much you pay
for housing every month. By choosing a fixed rate mortgage, you know
that your housing payment (your mortgage payment) will not change in
the years to come. So, if you chose a 20 year fixed rate mortgage, your
monthly payment would be the same in 20 years as it is now. If you
chose to rent instead, you can certainly expect the rent price to go up
significantly in that same amount of time - especially in Charleston's
rental market.
The rental market here in Charleston brings me to the third benefit of
owning a home. Depending on the area, rent prices in Charleston are
relatively high, especially compared to other areas of South Carolina.
Right now a one bedroom and one bath apartment in West Ashley (one of
the more affordable areas close to downtown and to the beaches) is
about $550 a month, and in downtown Charleston it is about $800. The
cost of renting in Charleston makes owning a home a good financial
investment. If you are going to spend that much money a month renting,
you may as well go ahead and put the money toward an investment that
will give you your money back in the future (plus some money).
Another financial benefit of owning a home is appreciation. The average
appreciation for homes in Charleston is roughly twelve to fourteen
percent. This number is much higher than many other cities. And, even
with a slower market, this percentage is higher than many other types
of investments. Appreciation motivates investors to buy lots of real
estate and then rent it out. These investors don't make their money off
charging high rent - instead, they count on the homes' appreciation for
profit.
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