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STORM SEASON
Important Note:

June through November our agency may become prohibited from binding coverage should a “Tropical Disturbance” enter the Gulf of Mexico or Caribbean Sea.

In these cases we may be unable to bind new coverage quoted in open proposals until the storm leaves our area and our binding authority has been restored.

Please arrange your coverage protection early to avoid this type of delay. While we regret any inconvenience, the carriers impose these restrictions on all agencies.

Five Financial Benefits of Homeownership

French philosopher Gaston Bachelard once wrote, “If I were asked to name the chief benefit of the house, I should say: the house shelters day-dreaming, the house protects the dreamer, the house allows one to dream in peace.” While a sturdy roof certainly keeps out the elements and four walls ensure the privacy of occupants, owning a home imparts significant financial benefits as well.

  1. A home allows you to build wealth over time. When you own a home, your wealth—in this case, equity in your home—increases every month. Each time you make a mortgage payment a portion of the installment reduces the amount you owe, growing your equity (the difference between what you can sell it for and what you owe on it). Your equity will also increase as the value of your property increases.
  1. A home comes with numerous tax deductions. Provided you itemize deductions on your federal income taxes, you stand to benefit from huge deductions when you buy a home. For example, you can deduct origination fees from your income the year you buy your home. You can also deduct the interest you paid on your mortgage and the cost of your property taxes—the first year and every other year you own your home.
  1. Open a home equity line and deduct even more. If at some point you decide to tap into the equity you’ve built in your home to pay off high-interest debts, go to school or make property improvements, you can deduct the interest you pay on that home equity loan or line of credit when you figure your federal income tax as well.
  1. In many cases, you can avoid capital gains tax when you sell. Provided you live in the property as a primary residence for more than two years, you can keep up to $250,000 in profits (or $500,000 if you’re married) from the sale without paying capital gains taxes. If your home has appreciated substantially since the time of purchase, these tax savings can be significant.
  1. Owning a home is cheaper than renting—especially in the long term. According to a recent report on ABC News, rents are increasing across the country as apartment vacancy rates continue to fall. In many locations, rent is rising faster than wages or inflation—averaging 3.2 percent more in 2013 than in 2012. Experts expect rents to continue to only increase.

Buy a home and you’ll avoid rising rental costs as well as reap significant tax benefits, all while increasing your wealth. For more insight into the housing market in your city, contact a local real estate professional.