Some Advantages to Owning Real Estate
1. Tax Break. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs that are involved in buying a home.
2. Gains. Within the next few years, home prices and real estate in general will go up in value, if you take advantage of today's buyer's market. BUY LOW (TODAY) and SELL HIGH (FUTURE).
3. Equity. Money paid in rent, you will never see again. Money paid to a mortgage allows you to gain equity, financial strength and pride of ownership.
4. Savings. Building equity in your home, is a ready-made savings plan. Generally, when you go to sell your property, $250,000 ($500,000 for a married couple) gained on the property is federal income tax-free.
5. Predictability. Generally, mortgage payments do not go up over time. They could go down. The longer you own the smaller your payments become, generally.
6. Freedom. The home is yours. You can decorate, remodel, or configure your home just the way you like it.
7. Stability. Owning your home allows you to stay and build a community. Community activities, meeting long-lasting friends, and continuity in your children's education are all benefits to owning real estate in Los Angeles.
