Benefits of Homeownership

INVESTMENT

For most homeowners, their residence is their largest asset. With 20% or more equity invested in your home, as is typical in NYC, your home is a major investment. As you live in and make improvements to your home, and gradually pay down the principal on your mortgage, you are building on this equity.

INCOME TAX SAVINGS

All of the interest you pay on the first $1M of your mortgage and payments of your property taxes are deductible for income tax purposes. If you own a co-op, you can also deduct the portion of your maintenance payments that go toward interest on the co-op’s underlying mortgage and real estate taxes.