Welcome to your Las Vegas Home Buyers Guide! Aside from bringing a sense of pride and independence, there are practical benefits to owning a home. One is a return on investment. Despite short term fluctuations, your home’s value may increase over time, which in turn raises its value. This is especially beneficial if you plan to sell your home in the future.
Home ownership also builds equity. Equity is the total value of your home minus the amount of money left on your home loan. There are a few different ways to build equity. The first is through monthly mortgage payments. With each monthly payment you make, you chip away at your loan payment, which in turn increases your equity. Your equity will also increase just by the virtue of your home’s value increasing over time.
Tax deductions are another advantage of owning a home. Long-term home ownership can reduce your annual income taxes. Furthermore, your mortgage interest rate and property taxes can be deducted from federal taxes, and sometimes from state taxes too.
Owning a home is also a chance to build a good credit score. You can do so by paying all monthly loan fees on time and in full. This also demonstrates that you’re a reliable and low-risk borrower, which helps if you need to take out loans for other life expenses like cars, education, and home improvements.
Lastly, it’s all yours! Now that you don’t have to run everything past a landlord, you are free to paint, decorate, and design your new place in the way you’ve always wanted.