Benefits of owning a home (infographic)
Deciding to purchase a home is a big financial step, but there are several benefits to owning your own piece of paradise.
Benefits of owning a home
- Build equity – As you make updates to your home, you can increase the value of the property and resale price when you are ready to move again.
- Tax benefits – You may be able to deduct the interest from your mortgage payments on your taxes.
- Improve credit score – If you pay your monthly mortgage payment on time every month, you can improve your credit score over time.
- Freedom to make the space your own – Once you own a home, you may have more opportunity to add your personality to your place compared to renting.
Find more helpful homebuying articles at blog.umb.com.