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Friday, January 17, 2020

The Advantages of Home Ownership in Connecticut

Home ownership offers several advantages. However, people with the means to purchase a home sometimes continue to rent. This is usually due to apprehension about the homebuying process. Hopefully, if you've considered purchasing a home in Connecticut in the past but have failed to do so, this article will provide you with the information you need to begin searching for your first home. For additional information, please contact our Connecticut real estate attorney. Below are a few of the many advantages of home ownership in Connecticut.

Five Advantages of Home Ownership

1. It’s a Great Investment

For starters, real estate is a great investment. Although home prices tend to fluctuate in the short term, their value increases in the long run. In almost all cases, owning your home is a better option than renting.

2. It Builds Equity

When you own your home, you build equity as you make mortgage payments. Equity is the amount that is left over once you subtract the amount you owe on your home loan from the total value of your house. Every time you make a mortgage payment, you are essentially putting money into a savings account.

3. It Provides Tax Benefits

Owning your home can reduce the amount you are required to pay in income taxes each year. Your property tax payments and mortgage interest may be deductible from your federal and state taxes. In addition, some closing costs and loan discount points may be tax-deductible. During the early years of paying off your mortgage, these tax deductions can result in a significant amount that you receive back.

4. It Builds Credit

When you take out a loan to buy a home and you consistently make your monthly payments on time, you increase your credit score. There are many advantages to having a strong credit history, including the ability to take out future loans for cars, home improvements, and to pay other major expenses.

5. Freedom

Finally, home ownership offers a tremendous amount of freedom, including the freedom to create the living environment you’ve always dreamed of. As a home owner, you can paint and make renovations, own pets, add or change carpeting, and do anything else you want – all without having to deal with a landlord.

Contact a Connecticut Real Estate Attorney Today to Begin Your Home Search

If you are apprehensive about purchasing your first home, you need an experienced Connecticut real estate attorney to walk you through the process. At the Law Office of Benjamin S. Proto, Jr., our experienced attorney will answer all of your real estate questions while ensuring that all deadlines and requirements are met along the way. Therefore, if you are interested in buying your first home in Stratford, Bridgeport, Milford, Trumbull, Shelton, Fairfield, Orange, Derby, New Haven, or anywhere else in Connecticut, please contact us today for a consultation.

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