While you may appreciate the advantages of renting, you should recognize some important benefits of owning your home: ·Each time you make a monthly mortgage payment, you build equity in your home, which can be converted to cash by refinancing or selling your property. ·All real estate properties appreciate in value over time, so your home becomes an important asset. ·You benefit from the tax benefits of mortgage interest and property tax deductions. ·If you have a fixed-rate mortgage, your monthly payments are set—an advantage for long-term financial planning. ·Your first home brings financial advantages of first-time home-buyer programs.
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