Lake Ontario Realty LLC Serving all of NNY! Your Hometown Proud locally owned Independent Company!
Office (315) 649-3434 Direct (315) 778-1191
FacebookLinkedInPinterestBlogger
  • Home
  • MLS Search
  • Search Properties
    • MLS Search
    • Exclusive Listings
    • Our Office Listings
    • Land
  • Buying
    • Dream Home Finder
    • Sold Homes
    • Local Lender's
    • Calculators
    • Home Inspectors
    • Buyer Reports
    • Mortgage Glossary
    • Relocation
    • Pre-Qualify Now
  • Selling
    • Home Value Request
    • Seller Reports
    • Sell Your House
  • Resources
    • Resort Life Blog
    • House Logic Blog
    • Real Estate Glossary
    • Real Estate News
    • Articles
    • F.A.Qs
    • Daily Cartoon
    • Other Resources & Links
  • Local Area
    • Photo Gallery
    • Local Area Links
    • Local Weather
    • Local News
    • Fort Drum Info
    • Local Schools
    • Lighthouses
    • Sackets Harbor
    • A Day in Alex Bay
    • Thousand Islands Seaway Wine Trail
    • Clayton
    • Fort Drum
    • Chaumont
    • Watertown
  • About
    • Meet Our Agents
    • About Us
    • What Do We Do?
    • My Blog
  • Testimonials
    • Client Reviews
    • Meet Our Agents
    • Testimonials
  • Contact
    • Contact
    • Sign Our Guest Book
    • Send Link to a Friend
    • Become A Realtor

Why Should You Own a Home?

Information for Buyers

Some people like the flexibility that comes with renting. When you rent, you can live in a neighborhood for as little or as long as you want. You're also free of most maintenance responsibilities – your landlord usually handles repairs.

Of course, there are many other reasons owning a home can be beneficial. These are just a few....

Build Equity

In the early years of most mortgages, the majority of your monthly mortgage payments go towards interest on your loan. Over time, an increasing amount of the monthly payment goes toward reducing mortgage balance, or "principal".
 
As you make payments, you reduce the principal and increase your share, or equity, in your home's value. If your home increases in value through appreciation, your equity will build even faster.

Building equity or savings in your home is necessary. For many people, it lets them plan for retirement and other future goals.

Gain Tax Advantages

You are allowed to deduct mortgage interest and property taxes from your federal income tax and some states' income tax. These deductions can mean significant tax savings, especially in the early years of the mortgage when interest makes up most of the monthly payment.

After calculating your taxes, you may find that it's cheaper for you to buy than to rent.

Rely on Payment Stability

If you select a fixed-rate mortgage, you will pay the same monthly principal and interest payment for the term of your loan. Unlike renting, this type of payment will remain the same month after month, even when inflation leads to higher prices. However, your total monthly housing expense could vary if tax and/or insurance expenses change.

FacebookLinkedInPinterestBlogger
Amanda miller
Lake Ontario Realty
Ph: (315) 649-3434Fax:3156493436
12396 NYS RTE 12E (Main St)
Chaumont, NY  US
License # 49mi0953024
www.lakeontariorealty.com
Home Contact Home Value Request Dream Home Finder Meet Our Agents MLS Search Client Reviews Sold Homes Seller Reports About Us Sign Our Guest Book MLS Search Exclusive Listings Sell Your House Send Link to a Friend What Do We Do? Local Lender's My Blog Become A Realtor Calculators Home Inspectors Buyer Reports Photo Gallery Mortgage Glossary Relocation Pre-Qualify Now Resort Life Blog Our Office Listings Local Area Links Local Weather House Logic Blog Local News Land Real Estate Glossary Fort Drum Info Local Schools Real Estate News Articles F.A.Qs Daily Cartoon Lighthouses Sackets Harbor A Day in Alex Bay Thousand Islands Seaway Wine Trail Other Resources & Links Clayton Fort Drum Chaumont Watertown Meet Our Agents Testimonials
Powered by LinkURealty - Real Estate Web Design & Websites