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7 Reasons to Own Your Own Home

1) Vermont Home Ownership Tax Breaks Lakefront Home in North Hero, Vermont

The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home.

2) Gains

Between 1998 and 2002, national home prices increased at an average of 5.4 percent annually. A typical homeowner has approximately $50,000 of unrealized gain in a home.

3) Equity 

Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.

4) Savings 

Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5) Predictability

Unlike rent, your mortgage payments don't go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.

6) Freedom 

The home is yours. You can paint the walls any color you like and benefit from your investment for as long as you own the home.

7) Stability

Islands Realty will help you establish lasting relationships within the community and offer your children the benefit of education continuity by remaining in one neighborhood for several years.

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