Homebuyers Guide (Part 3 of 5)

Click here to read Part 2 of 5

Building your financial legacy

Sure. Owning your own home has fantastic lifestyle benefits. But there’s more to this picture. Becoming a homeowner is a sound financial decision. One that gives you opportunities to make your income work for you and help plan for your—and your family’s—future.

Where would you prefer to put your hard-earned dollars? Someone else’s pocket? Or your own? No brainer, right?

One of the key parts of home ownership is that you’re making your money work for you. Your happiness. Your future. No one else’s. Buying a piece of property gives you control. You can improve it. You can decide if and when to sell it. Or to pass it on to later generations to enjoy.

It’s essential to plan not only for day-to-day living, but also for retirement. And experts agree that a key part of maximizing return on investments is diversification. For generations of Americans, that’s included one significant option to building wealth: the ownership of real property.

And like they say on TV: “But wait…there’s more.” Homeownership offers tax benefits. You can deduct the amount you spend on mortgage interest from your income taxes on your primary home. That frees up more of your income for saving, for your kid’s college fund, for retirement, for home improvements…or maybe for a little fun. Believe it or not, in some communities, depending on current real estate values, owning a home is actually less expensive than renting one.

Lastly, owning your own home has long-term benefits that may extend beyond your lifetime. When you stake out your piece of the American Dream, you’re building the secure foundation of a legacy that your children—and your children’s children—will thank you for. You’re giving them the gift of financial, personal and community security for generations to come. And just think of the family memories and stories that will be created in your home.