Dream Home Realty Centre

Why Should You Own a Home?

Information for Buyers

Some people like the flexibility that comes with renting. When you rent, you can live in a neighborhood for as little or as long as you want. You're also free of most maintenance responsibilities – your landlord usually handles repairs.

Of course, there are many other reasons owning a home can be beneficial. These are just a few....

Build Equity

In the early years of most mortgages, the majority of your monthly mortgage payments go towards interest on your loan. Over time, an increasing amount of the monthly payment goes toward reducing mortgage balance, or "principal".
 
As you make payments, you reduce the principal and increase your share, or equity, in your home's value. If your home increases in value through appreciation, your equity will build even faster.

Building equity or savings in your home is necessary. For many people, it lets them plan for retirement and other future goals.

Gain Tax Advantages

You are allowed to deduct mortgage interest and property taxes from your federal income tax and some states' income tax. These deductions can mean significant tax savings, especially in the early years of the mortgage when interest makes up most of the monthly payment.

After calculating your taxes, you may find that it's cheaper for you to buy than to rent.

Rely on Payment Stability

If you select a fixed-rate mortgage, you will pay the same monthly principal and interest payment for the term of your loan. Unlike renting, this type of payment will remain the same month after month, even when inflation leads to higher prices. However, your total monthly housing expense could vary if tax and/or insurance expenses change.

Dream Home Realty Centre
Ph: 618-497-4663
543 E Ferguson Wood River, IL 62095 &
Brighton, IL 62012 US
www.dreamhomerealtycentre.com
Home Search Homes Welcome Relocation Open Houses Commercial Listings Featured Listings Lots & Land Instant Home Value Home Value Request Sell Your House Seller Reports VIP Home Finder Buyer Reports Calculators Mortgage Reports Mortgage Glossary Articles F.A.Qs Links Real Estate News Daily Cartoon Local Area Local Weather Local Schools Contact Link to Me Meet Our Agents About Us Calendar Testimonials Sign My Guest Book Send Link to a Friend Preferred Partners
Dream Home Realty Centre is a licensed Real Estate Brokerage in the State of Illinois.
Powered by LinkURealty - Real Estate Web Design & Websites
Two Locations: Brighton, IL 62012 And 543 E Ferguson Ave Wood River, IL 62095