Turning the dream of homeownership into a reality can be both exciting and daunting at the same time. Many renters don’t realize they have the means to purchase their own home or the benefits of homeownership as compared to renting. Whether it’s building equity or getting tax advantages, owning a home can be a great investment for your future. For the majority of Americans, their home is their largest financial asset and a major player in their investment portfolio.
Building financial equity is one of the greatest advantages of owning a home.
In addition to equity, homeownership has tax advantages that can help you save a great deal of money, something that renters cannot enjoy. Here are more advantages of owning your own home:
Renters are the ideal clients for sellers because their offers are not dependent on selling their own home first. The Illinois Association of REALTORS® Partnership for HomeOwnership has a number of mortgage and downpayment assistance programs created specifically for first-time homebuyers.
And owning a home has intangible benefits too. Owning a home adds value to communities and gives you a setting to enjoy your lifestyle with the ones you care about.