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Lilo Carroll (254) 554-1292

Lilo Carroll – Proven Performance

  • Home
  • Properties
    • Sold Properties
    • Featured Listings
    • Our Area Listings
    • Search Area Listings
  • Area Information
    • Fort Cavazos
      • BAH Chart
    • Cities and Towns
      • Belton
      • Copperas Cove
      • Gatesville
      • Harker Heights
      • Kempner
      • Killeen
      • Lampasas
      • Nolanville
      • Salado
      • Temple
  • Tippit Homes, Inc.
    • Subdivisions
      • Three Creeks
      • Valley at Great Hills
      • Wildwood Estates
    • Floor Plans
    • About The Builder
  • Market Information
  • About Us
  • Blog
  • Testimonials

News

The Top 5 Benefits of Owning a Home

The Top 5 Benefits of Owning a Home

By

website-admin

Posted in Blog On June 27, 2023

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Purchasing a home can feel like an overwhelming project, but the long-term advantages of homeownership make it a smart investment to secure your future where the benefits extend beyond simply having a place to live.

Building equity is one of the most significant advantages of owning a home. As you make mortgage payments, your equity increases, and over time, your home can become a valuable asset to use the equity to finance home improvements, pay for college tuition, or even as a down payment on a second home.

Two factors determine equity; the home going up in value and the unpaid balance of the mortgage being paid down. Appreciation is the increase in value expressed in an annual amount. Homes have averaged 4% nationally for the past 50 years. Amortization is the systematic principal reduction that occurs with each house payment made.

Another advantage of buying a house is the stability of housing costs. With a fixed-rate mortgage, your monthly principal and interest payments remain the same for the life of the loan, giving you predictable and stable housing costs. This can help in your financial planning.

Control over your living space is also a significant benefit of owning a home. You can make changes and improvements to your home to suit your needs and preferences without having to get permission from a landlord. This can help you create a space that truly feels like your own and can contribute to your overall sense of well-being and satisfaction.

Finally, homeownership also offers several tax benefits that can contribute to long-term financial savings. You may benefit from itemizing deductions for interest and property taxes that would exceed a person’s normal standard deduction. Regardless of which deduction a homeowner takes, additional tax advantages apply to home ownership like an exclusion of up to $500,000 of capital gain for married, filing jointly taxpayers and $250,000 for single filers who meet the occupancy and use requirement.

The long-term advantages of buying a house are significant, including building equity, stable housing costs, potential appreciation, control over your living space, and tax benefits. Although the process of purchasing a home can seem overwhelming, the benefits of homeownership make it worth considering. Ensure that you do your research, get pre-approved for a mortgage, and work with a qualified real estate agent to find the right home for your needs and budget.

For more information, download our Buyers Guide and Homeowners Tax Guide.

Featured Properties

Featured
View Property

4707 Allison Drive

Highly sought-after Three Creeks subdivision is located close to Stillhouse…

Bedrooms
4
Bathrooms
2
Area
1938 sq ft
For Sale

$319,770

Featured
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239 Fawn Ridge Drive

Bedrooms
4
Bathrooms
2
Area
1680 sq ft
For Sale

$304,000

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