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5 Reasons to Own Your Home in Oklahoma

1. Tax breaks for Real Estate when you own your home. The U.S. Tax Code lets you deduct the interest you pay on your home mortgage, your real estate property taxes, as well as some of the costs involved in buying your home in Oklahoma. If you own your home, you get this benefit!
2. Property Value Appreciation. Oklahoma Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing. As a Oklahoma real estate agent, I see the ongoing positive results of home value price appreciation whenever I help a client buy or sell their home.
3. Home Equity. Money paid for rent is money LOST that you’ll never see again, but home mortgage payments let you build equity ownership interest in your home property. Think before you rent or continue renting! Run the numbers with your accountant or discuss this issue with your Realtor. Home ownership pays off!
4. Home Equity is like Savings. Building equity in your OKC 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. Less Stress and more Predictability. Unlike paying rent, your fixed-mortgage payments don’t rise 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 increase. Once again, run the numbers with your financial advisor to understand the whole picture.