Top 10 Benefits of Home Ownership*:

1.        Getting into a home can require less money down than renting

a.        When you buy a home with the help of Innovative Home Solutions, often times the only money you have to put down is 1% of the purchase price for earnest money at the time of contracting on a home

b.        In most cases when you purchase a home you are not required to make a mortgage payment for one to two months

c.        In contrast, when you sign a rental or rent-to-own lease you are required to put down a substantial security deposit and the first month’s rent

2.        Home ownership allows you to take advantage of a large tax write-off every year

a.        The total amount of interest, taxes, and mortgage insurance paid each year can be written off**

b.        If you consider the amount of your mortgage payment that will be refunded, it is easy to see how owning a home can be more affordable than renting

a.        If you make both a principle and interest mortgage payment, you increase your percentage of ownership in your home with every payment

5.        Build wealth and equity through the long-term appreciation of your home

a.        Despite previous downturns, the real estate market has appreciated over 5% a year since 1968 according to the National Association of Realtors

6.        Borrowing against the equity you accrue over time gives you the freedom to pay for major expenses or purchases

7.        The privacy and comfort of a home is a great place to raise a family

8.        Feel the pride of home ownership, knowing you have achieved one of life’s great financial accomplishments

9.        Have the creative control to decorate to your tastes, remodel, add on, or alter the landscaping

10.      No more landlords and no more moving

*No representations or warranties, express or implied, are given regarding the legal, financial or other consequences resulting from the use of this information.  The information is provided for general information and educational purposes only and should not serve as a substitute for legal or accounting advice from an attorney or professional familiar with the facts and circumstances of your specific situation. Consult your tax advisor for details.
**Subject to certain income limitations