Why Own?

While homeownership comes with many responsibilities that you need to be aware of, most financial advisers say there are also many advantages.

• You'll have a place that is yours!
  Homeownership provides shelter and security for you and your family. You can pass your home down to your children, and their children, creating security for generations to come.

• You may have some tax benefits with homeownership. 
  Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings may offset a portion of the cost of owning your home. While tax savings can reduce the cost of homeownership over time, you still need to make sure you can afford the monthly mortgage payments.

• Your monthly payments will remain stable if you choose a fixed-rate mortgage!  
  If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you'll pay the same mortgage payment each month for the entire 30 years of the loan (but remember if your taxes go up, your escrow will go up – increasing your monthly payment).

• You'll contribute to your nest egg!
  Owning a home can be a way to build long-term financial security and independence.

But remember with all the benefits of homeownership comes responsibilities too – a mortgage, upkeep of a home and repair bills just to name a few.

Look at our home maintenance and appliance cost worksheets to better understand some of the costs and responsibilities associated with homeownership, Home Maintenance Worksheet and Home Appliance Cost Worksheet.