Byers & Harvey, Inc.
Bruce A. Griffy, Broker

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Advantages of Owning a Clarksville Home



While some people choose the flexibility of renting and being somewhat free of maintenance while having the ability to move often, many choose ownership for other reasons. It would be nice to say that the main reason for owning a home is the pride of home ownership, but that’s not quite true for most people. Their reasons are purely economical and there are clear financial advantages. A home is always a good investment close to a thriving military base as Ft. Campbell.

Building Equity 
The difference between what you owe on your home and its value is called equity. In the early years of a home mortgage, most of each payment will go toward the loan interest, but later it will gradually go more and more toward your principal balance (what you owe). Through the years your payments will reduce this balance, thus raising your equity. Plus, if your home increases in value, your equity will rise even more. Your equity is like a savings account and it could prove very important for future needs such as a retirement plan, or major purchases. I never recommend refinancing your home. Closing costs will eat up your equity and you start all over paying nothing but interest.

Tax Deduction 
By law, you can deduct mortgage interest and property taxes from your U.S. Federal Income Tax and from some state income taxes. This results in significant tax savings, especially in the early years of a mortgage when interest payments are higher. And you may find the tax savings alone makes it less expensive to buy than to rent. 

Payment Stability 
Unlike renting where payments can increase over the years, a fixed-rate mortgage payment will remain the same for the term of your loan. Other types of loans could vary in the structure of payments and there always could be slight adjustments for tax and insurance, but owning a home can result in being able to depend on stable payments for years to come. During times of inflation when rent goes up and home values rise, renters end up paying more each month while home owners increase their equity as they make the same payment.

Click on the Links Below for More Information

 

 

For Sellers

By Owner or Use an Agent

Price It Right

Showing Your Home

Passing a Home Inspection


For Buyers

Advantages of Owning a Clarksville Home

The Right Clarksville Home for You

What Can You Afford?

The Truth About Credit
 

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