Submitted by Tracy Thompson, Realtor
United Country, Raines Realty Group
There are many advantages to owning your own home and one of them is that it can help build your credit and that will increase your credit score. With a higher credit score it is easier for you to get financing for other high cost items with a lower interest rate. Owning your own home can protect you from rising rent costs. Over the past couple of years there has been a substantial increase in the cost of rental properties. Over time rental payments will increase, but your home mortgage payment will stay about the same with a fixed interest loan. Another advantage to home ownership is the tax deductions. A home owner can deduct the interest from the mortgage payments on taxes and there are deductions for private mortgage insurance also. Per Georgia Realtors report July 2022 the average home sales price has increased by about 18% from 2021 to 2022. Another advantage of home ownership is the amount of equity that builds up over time which is like building up savings over time.
One of the best reasons for owning your own home is the ultimate satisfaction and pride of knowing that your home belongs to you and that you own it. With owning your home you are able to make changes to the home and to your yard making it the way that you want. Speaking with a realtor or lender is a good way to find out more how home ownership can benefit you specifically. Again, there are many advantages of owning your own home and these could be an advantage to you.
Source of statistic information from Georgia Realtor 2022.