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Financial Gain
Purchasing a home is a valued investment which can have many financial advantages. Because homes generally increase in value, each monthly payment you make is an investment in your future. And even if your home doesn't appreciate much, which is rare, you will benefit from the monthly forced savings that result from paying down the remaining balance due on your mortgage.
With each monthly payment, you also build home equity - the difference between what your home is worth now and what you paid for it. When you sell, you collect the equity as your profit. This profit can help you purchase your next home, perhaps move up to a larger one. Or you can tap into the equity for college tuition loans or retirement funds at a rate which is generally lower than available on personal loans. Also, making payments toward, and ultimately paying off a mortgage is an excellent way to establish a good credit rating and prove financial stability.
Owning a home is also a powerful tax benefit. You can deduct both the interest on home mortgage payments as well as the cost of property taxes.
Perhaps the most intangible, yet greatest treasure of homeownership is the personal satisfaction in living in a home that you own. You are free to keep pets, plant a garden and remodel or redecorate to reflect your personal style. A home gives you and your family a feeling of stability and commitment. A special sense of security and satisfaction comes as you begin to put down roots in a neighborhood. Your family will enjoy the benefits of this decision for many years.
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