Having a place to call your own is a huge benefit in and of itself. There are more benefits than just privacy and personalization!

Number 1 is credit building. Your credit score is a large factor in your loan interest rates. A higher score usually means lower interest rates. This can save you thousands and tens of thousands of dollars over the life of a loan. Maybe you’ll be one of the few who can pay cash for everything in life. However, there will likely come a time when a loan is necessary for a large purchase. It could even be a business loan. Responsible homeownership helps improve credit scores.

Number 2 on the list is one of my favorite perks of owning a home. When inflation rises, your mortgage payment stays the same. If you have a fixed rate, your payment will stay the same, and your home will continue to gain equity. In contrast, when renting, your rental rate will likely increase at least every few years.

Tax Breaks are our 3rd perk on the list. Did you know the interest charged on your mortgage can be a tax break?? and there are a myriad of other items that can often be counted as a tax break. Speak to your tax specialist to find out more about tax breaks with homeownership.

Item 4 and 5 go hand in hand. Home value appreciation and equity ultimately mean more building wealth, and leaving more for your descendants. If you’ve paid your loan off, and your home has gained 20% of its original value, you will have a nice little nest egg. This provides an opportunity to pass wealth on to future generations.