1. Enjoy tax write-offs
As a Philadelphia homeowner, you may deduct the interest you pay on your mortgage, your Philly property taxes, and some costs associated with buying a home.
2. Earn appreciation
Median single-family existing-home sale prices increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®. Also, the number of U.S. households is expected to increase 10 to15 percent in the next 10 years, continuing the high demand for housing.
3. Build your wealth
Paying rent builds your landlord’s wealth, whereas paying a mortgage builds equity that you can take out and reinvest in other ways.
4. Take tax breaks
Building equity in your home is a ready-made savings plan. When you sell, you can typically take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Have consistent monthly payments
Unlike rent, your fixed-rate mortgage payments don’t rise so your housing costs may actually decline the longer you own. Keep in mind that property taxes and insurance costs will likely rise.
6. Make it your own
Your Philadelphia home is your own space to make any new modifications and upgrades you want.
7. Establish community
Living in the same neighborhood enables you and your family time to build long-lasting relationships in the community and offers children the benefit of school and social continuity.
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