Unlocking Financial Freedom in Reno, Nevada: The Benefits of Homeownership
It’s not just the key to your home – it’s the key to your future
Along with buying a car, investing and saving for retirement, buying a home is one of the most important financial decisions you will make. Home ownership can provide many great benefits.
Appreciation
A home is a long-term investment. Many homes increase in value as the debt attached to them decreases and many types of improvements may add to the total value.
Ownership
By purchasing a home, you’re investing in an asset over time, an asset you have a stake in. When your loan is paid off, you will own your home and will have equity in it.
Equity
When you build equity, you will also have an option to borrow against it to gain access to funds through refinancing or a home equity line of credit. This may give you added flexibility if you are looking to consolidate debt, make home improvements. Pay for college tuition or supplement your retirement income.
Stability
Rent costs can change dramatically, but with a fixed rate mortgage. You will know what your payments will be throughout the life of the loan. This keeps payments consistent and stable.
Deductions
Mortgage interest and property taxes are usually tax deductible. Other aspects like points, appraisal fees may also be deductible. Consult a tax advisor for further information.