• Greater Binghamton Office
    (607) 757 2100
  • Penn Yan Office
    (315) 536 7456

realtors

7 Reasons to Own a Home

Tax benefits.The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.

Appreciation.Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®. The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.

Equity.Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.