The Benefits Of Being A Homeowner

From a place to raise a family or a place to call your own, there are many different reasons why people choose to buy a home rather than rent. However, there may be some financial benefits of homeownership that you may not have thought about. The best team of real estate agents in Colorado Springs has explained just some of the many benefits of being a homeowner. 

Build Equity 

In terms of your home, equity is the amount of money you can sell it for minus what you still owe. With every mortgage payment you make, the amount you owe lowers, which raises your equity. If you ever sell your home, equity is all profit. If you are buying another home, you can you the money you earned from the sale of your old home to purchase the new home and borrow less. In addition, if you ever need money, you can borrow against the equity in your home with a second mortgage. 

Forced Saving Plan

Owning a home means at least a portion of your income is going towards savings. How? Paying your mortgage every month is essentially a forced savings plan, as you are building up equity. With every mortgage payment, your equity raises and you save more money. When you own a home, you will always have a source of emergency income should you need it in the form of equity loans or even selling your home.  

Consistent Mortgage Payment

When you buy a home, you are generally locked into a fixed-rate mortgage, which is pre-determined payments due every month until the house is paid off. Because this is fixed, you know it won't suddenly increase, unlike rent payments, which helps create a budget that you can use for years. 

Tax Benefits

There are several different tax deduction benefits that homeowners could receive including mortgage deduction, closing cost deductions and property tax deductions. The tax code that allows homeowners to deduct the mortgage interest from their taxes is a huge benefit to some people, as interest payments can be a large component of their mortgage payment in the first few years of homeownership. The first year you buy a home, you can claim the origination fees on your loan, which could help considerably. 

Buying Vs. Renting

At first, it might seem cheaper to rent. However, over time, buying a home could end up being the cheaper route. Eventually, the interest portion of your mortgage payment decreases, which could make your payment cheaper than the rent you pay. Most importantly you are not just “throwing” your money away on rent. Instead of paying money to a landlord, you could be paying off your own home.

Jump In On The Benefits Today!

Now is the perfect time to buy a home in Colorado Springs! With many beautiful homes on the market, you are sure to find the right home for your family in your price range. If you are on the search for a Colorado Springs home, contact The Platinum Group, REALTORS at 719-536-4444. We would love to help you find your dream home and have you start seeing the benefits of owning a home in Colorado Springs! 

The Platinum Group, Realtors The First Choice in Real Estate

Visit our website: www.PlatinumHomeSales.com

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6760 Corporate Drive, Ste 300

Colorado Springs, CO 80906

(719) 536-4444