The most precious investment that one can make in their lifetime is buying a home. It may involve down payment assistance or even be a cash sale. Buying a home is the most personal purchase any family or single person will make in their lifetime. There are many different reasons a person will buy a home. It may be for security reasons, family reasons or even a tax write off. Whichever the case may be buying a home has plenty of benefits with some cons as well. When purchasing a home you are responsible for all the carrying charges. This includes but is not limited to taxes, maintenance and overall upkeep of the property. When something needs to be repaired or even replaced it is your responsibility to make all the necessary repairs. You are not a tenant of the property anymore, you are now the owner.
When buying a home one must consider the time that they intend to stay in the home. If they intend to sell the home within a 5 year period it may not make sense to go through the process due to the down payment requirements and closing costs. However, if one intends on keeping the property with intentions of renting it out for investment purposes it may be beneficial with the appropriate tax write offs. One should seek the opinion of a certified pubic accountant in order to discuss any of the financial benefits of owning the property. Of course the benefits should consider the specific tax bracket you are in.
Hence, overall pride of ownership has and will always be the American Dream for most people. Depending on where you reside in the country and the amount of income that a single person or family possess, will dictate the tax benefits of home ownership.