The Benefits of Owning a Home in St. George
Plain and simple, owning a home can improve your quality of life, provide stability and give you a sense of control you just can’t get from renting. You have a place to live when you rent, but buying is something much deeper – and better.
The intangibles are tough to measure, but there are other benefits you can quantify:
- Financial Investment:
Your monthly mortgage payment creates equity for you, not your landlord.The interest on your mortgage is a tax deduction:
While this isn’t a reason in itself to buy a home, it’s nice to get a break at tax time.
- Fixed Monthly House Payment:
If you opt for a fixed-rate mortgage, the monthly rate of your mortgage won’t change for the length of the term.
- Tax-Free Gain:
When it’s time to sell your home, you don’t pay taxes on the proceeds of the sale that are above what you paid (with some restrictions – see information on capital gains).2 Valuable Tips to Consider:
- Look for a house you can stay in long-term; one that will “grow” with your family and needs. The financial benefits of owning increase over time.
- Look for an agent who understands your lifestyle. Make sure the agent knows the neighborhoods you’re interested in, and can answer questions you’ll have about the location.