Recent news of rising mortgage rates, low housing inventory, and an increase in property taxes may sound alarming and scary to prospective home owners. It might even make them question whether or not buying a house is right for them. Despite the ups and downs of rates, prices and taxes, owning a home still has many benefits.
A recent post in the Dragas Communities Blog shares the top five reasons to purchase a home, according to a Harvard University study. The top reasons listed in the article detail the financial benefits of purchasing a home.
For example, owning a home can allow a homeowner to have a leveraged investment, meaning they are many times borrowing money and, over time the homeowner is seeing an appreciation in their investment. Additionally, the dreaded property taxes and mortgage interest that homeowners have to pay, they are, in fact, tax deductible up to a specific dollar amount. Further, capital gains up to a certain dollar amount, made on the sale of the home are excluded from income when filing taxes.
Read the article.
Photo Credit: Brian Strevens