What are some of the benefits of owning a home?

What are some of the benefits of owning a home?

John Caliendo (Realtor) gives expert video advice on: What are some of the benefits of owning a home?; What are some of the drawbacks of owning a home? and more...

Excellent question. Many significant benefits.The first one is obviously tax benefits. Most people do not realize the signifigant tax savings, and I get these calls all the time at the end of the year when my clients sit down with their accountant and call me and say, "Oh my goodness, John, I cant believe what I just saved in taxes." That is a huge factor. You have to remember the first part of any loan is going to be primarily interest, and that's all right off the bull if that is a phrase I can use. Second benefit of owning a home is simply pride of ownership. You own the home. No one can tell you the landlord is coming through in 24 hours to due a general inspection. There is no violation. Pride of ownership, that's a huge one.The third big factor is wealth building. It really forces you to save. In other words every mortgage payment you making is literally like going to the bank and putting a deposit in your bank account. So it forces you to save. Those are three huge factors.