{"id":506,"date":"2020-02-17T13:50:24","date_gmt":"2020-02-17T13:50:24","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=506"},"modified":"2020-02-17T13:50:26","modified_gmt":"2020-02-17T13:50:26","slug":"the-overlooked-financial-advantages-of-homeownership","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/the-overlooked-financial-advantages-of-homeownership\/","title":{"rendered":"The Overlooked Financial Advantages of Homeownership"},"content":{"rendered":"\n
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Photo of a young mixed-race family admiring a home – possibly their first home, or the home they hope to own.<\/figcaption><\/figure>\n\n\n\n

There are many clear financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. If you\u2019re a renter, it\u2019s never too early to make a plan for how homeownership can propel you toward a stronger future. Here\u2019s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater stability, savings, and predictability.<\/p>\n\n\n\n

1. You Won\u2019t Always Have a Monthly Housing Payment<\/strong><\/h4>\n\n\n\n

According to a recent article<\/a> by the National Association of Realtors<\/em> (NAR):<\/p>\n\n\n\n

\u201cIf you\u2019ve been a lifelong renter, this may sound like a foreign concept, but believe it or not, one day you won\u2019t<\/strong> have a monthly housing payment. Unlike renting, you will eventually pay off your mortgage and your monthly payments will be funding other (possibly more fun) things.\u201d<\/em><\/p><\/blockquote>\n\n\n\n

As a homeowner, someday you can eliminate the monthly payment you make on your house. That\u2019s a huge win and a big factor in how homeownership can drive stability and savings in your life. As soon as you buy a home, your monthly housing costs will begin to work for you as forced savings, coming in the form of equity<\/a>. As you build equity and grow your net worth, you can continue to reinvest those savings into your future, maybe even by buying that next dream home. The possibilities are truly endless.<\/p>\n\n\n\n

2. Homeownership Is a Tax Break<\/strong><\/h4>\n\n\n\n

One thing people who have never owned a home don\u2019t always think about are the tax advantages of homeownership. The same piece states:<\/p>\n\n\n\n

\u201cBoth the interest and property tax portion of your mortgage is a tax deduction. As long as the balance of your mortgage is less than the total price of your home, the interest is 100% deductible on your tax return.\u201d<\/em><\/p><\/blockquote>\n\n\n\n

Whether you\u2019re living in your first home or your fifth, it\u2019s a huge financial advantage to have some tax relief tied to the interest you pay each year. It\u2019s one thing you definitely don\u2019t get when you\u2019re renting. Be sure to work with a tax professional to get the best possible benefits on your annual return.<\/p>\n\n\n\n

3. Monthly Housing Costs Are Predictable<\/strong><\/h4>\n\n\n\n

A third item noted in the article is how monthly costs become more predictable with homeownership:<\/p>\n\n\n\n

\u201c<\/em>As a homeowner, your monthly costs are most likely based on a fixed-rate mortgage, which allows you to budget your finances over a long period of time, unlike the unpredictability of renting.\u201d<\/em><\/p><\/blockquote>\n\n\n\n

With a mortgage, you can keep your monthly housing costs steady and predictable. Rental prices<\/a> have been skyrocketing since 2012, and with today\u2019s low mortgage rates, it\u2019s a great time to get more for your money when purchasing a home. If you want to lock-in your monthly payment at a low rate and have a solid understanding of what you\u2019re going to spend in your mortgage payment each month, buying a home may be your best bet.<\/p>\n\n\n\n

Bottom Line<\/strong><\/h3>\n\n\n\n

If you\u2019re ready to start feeling the benefits of stability, savings, and predictability that come with owning a home, let\u2019s get together to determine if buying a home sooner rather than later is right for you.<\/p>\n\n\n\n

Contact us:
PHP Houses<\/a>
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com<\/a><\/p>\n\n\n\n

Let\u2019s Connect:
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Financial Advise Finish Reading The Overlooked Financial Advantages of Homeownership<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[111,110,18,91,57,52,32,83,25,49,42,63,20,5,48,108,13,47,19],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/506"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=506"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/506\/revisions"}],"predecessor-version":[{"id":508,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/506\/revisions\/508"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}