
Owning your home brings many benefits and can make a difference in the rhythm of your daily life, generating capital, stability, tax benefits and much more. That’s why here are the reasons why you should consider owning your own home.
Equity: A U.S. Census Bureau report states that one of the greatest contributors to wealth is owning a property, since its cost increases over time, raising its value and creating long-term gains from the mortgage, thus the owner acquires long-term equity.
Stability: Among the mortgage programs, there is one that stands out: the 30-year fixed interest loan. This generates stability since your monthly payment may not go up year after year. Instead, a tenant can get a year-over-year rent increase of 3% to 5% at the discretion of the landlord. This makes owning the property a better option.
Tax Exceptions: Refers to tax benefits when buying, owning and even selling your property. They come in the form of tax deductions. One of them is that the mortgage interest is tax deductible and this is a saving in the payment of taxes. In addition, if you purchase your primary residence, you can obtain a reduction in the payment of property taxes known as CRIM and in some cases you pay nothing.
Freedom: As a homeowner you have the freedom to remodel to your liking, make changes to your property and in turn help to increase the value of the property. However, if you are a tenant you do not have the authority for the simplest changes, since in many rental contracts it is specified not to make any changes or modifications.
Planting roots: Data shows that homeownership provides direct short- and long-term benefits to the homeowner. A study by the National Association of Realtors found that homeownership leads to higher educational attainment, greater civic participation and a better quality of life.
Accordingly, Helga Piñeiro points out that “one of the disadvantages of being a tenant is the lack of privacy that is obtained since it is common for landlords to add clauses to leases indicating that inspections of the property are allowed, to place signs such as For Sale or For Rent, which can be stressful and frustrating for the tenant and his or her family. Another situation is the lack of stability for the tenant since at any time the landlord can inform that he does not wish to renew the lease and request that the tenant vacate the property within 30 days”.
Therefore, owning a property gives you many benefits. We invite you to be part of the thousands of Puerto Ricans who today own their own home. To make this dream come true, consult your trusted banker to pre-qualify you, contact a real estate broker to guide you to make the best decision in life. Acquire your dream home, improving your family environment and quality of life.