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Owning your home means you can do anything you want withthe property, like paint your kid’s room orange, replace the carpet with wood or completely remodel the kitchen.
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Appreciation is based on your home’s total value, so it can outpace the gains you might see from investing your down payment cash elsewhere, like in the stock market.
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Homeowners can deduct mortgage interest and property taxes on their tax returns each year. This significant savings can often make the cost of owning equal to (or less than) renting.
When renting, you may be subject to annual rent increases with each new lease signing. But if you get a fixed-rate mortgage on a home, your mortgage payment can never change.
Paying your mortgage every month is like a forced savings account – you’re investing in your home, and its value increases over time – while a renter’s monthly payment goes directly to a landlord.
Want to learn more?
Check out zillow.com/mortgage-learning/