4 Unbeatable Advantages of Homeownership

Are you on the fence about whether to buy your first home at the Lake of the Ozarks or to keep renting? If you're stuck weighing your pros and cons, Arrowhead Title, Inc. is here to help you make the right decision! 

If you can afford it and you plan to live in the same place for at least three years, buying you own home is almost always the smarter option. Owning your own home brings with it a unique sense of financial integrity and stability that does wonders for your personal and your financial lives. Here's a quick snapshot of the main advantages of owning your home.

1. Stable Housing Costs

While some mortgage loans offer adjustable rates, long-term home loans offer a major advantage for people planning to stay in the same place for many years: the payment amount will remain the same throughout the duration of the loan. Conversely, renters are subject to the whims of their landlords and may see increases in their rent payments year after year.

Not only do homeowners get to enjoy stable payments, they also get to enjoy one other significant advantage: there is an end in sight. At the end of their fifteen- or thirty-year loan, their housing payments will stop. Renters, on the other hand, will have to continue to write checks as long as they occupy that property.

2. Tax Benefits

Taxes are a necessary evil in the lives of most Americans. While they serve our country as a whole, they may seem a little less kind to individuals Americans. If you own your own home, however, you will be eligible for significant tax breaks that are not available to renters. Specifically, the interest you pay on your mortgage loan is tax deductible. While this may not sound like a lot at first, it can save you a substantial amount in federal taxes every year.

3. Accumulation Of Equity

When you pay your monthly mortgage payment, you're not just paying back your loan - you're also building what is known as equity. "Equity" refers to the amount of the home you actually own (that is, your total loan amount minus the value of your home).

Equity is a major asset that can be used any number of ways. You can convert that equity into cash by selling your house, for example, or by taking out a second mortgage against your home.

4. Increased Value

Thanks to inflation, houses almost always appreciate (increase in value) as time goes on. As your home appreciates, your home equity increases accordingly. When it comes time to sell your home, you will probably be able to do so for more than you originally paid for the house. When that happens, you will get to pocket that extra cash or apply it towards the purchase of your next home. Either way, it's a great advantage!

Convinced? Arrowhead Title Can Help You Close On Your Very Own Home!
With these (and many others) outstanding benefits ahead, why wait? There has never been a better time to take the plunge and buy a house at the Lake of the Ozarks. We would be thrilled to help you with the process! Come by and see us to find out why we are the best title insurance company at the Lake of the Ozarks.

The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!

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750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049


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