Home Ownership : The Benefits and Advantages Guide
In addition to the financial benefits to your family, owning a home in a singular location provides a great number of social and community benefits. Your children will benefit from an unbroken progression through their schooling, as well as remaining convenient to all of their friends. You have the opportunity to put down roots and truly become a part of your community, enjoying lifelong friendships and a sense of belonging.
After purchasing your home, it can act like a supplementary savings plan. Building equity in your home or other property can pay great dividends. If you do decide to sell, you are generally allowed to claim up to $250,000.00 (or $500,000.00 for couples who are married) as gain before owing federal income tax.
However, the accumulated financial value your home may provide is not the only advantage. Owning your own home allows you to build memories, and keep them with you. The walls you own provide a welcome home for the pictures you take as you build your new life around the things and people that you truly value.