5 Key Benefits of Homeownership

Amid the steady rise of rent prices, more people are now looking to purchase a home because of how it can offer financial strength and stability, tax deduction, and other long-term benefits. We at Devon Bank understand and address this need by providing reasonable home financing options like halal mortgage, which offers flexible repayment terms. If you are still wondering about the other advantages of homeownership that you and your family can benefit from in the long run, read on to learn more. 

Strong Sense of Community 👨‍👩‍👦‍👦

The benefits of homeownership go beyond having your own property. When you are a homeowner, you become more invested in the local community where you build lasting relationships with your neighbors and establish new connections with potential colleagues and clients in your area. The newfound support, relationships, and connections you make within your community can help build a strong sense of camaraderie and bring more comfort in knowing you and your family are in a safe and welcoming environment. 

Building Financial Security 💰

Homeownership is a stepping stone toward a financially secure future as it provides your family a sense of stability. Rather than being subject to rising rental prices or the risk of eviction, owning a house can help increase your equity as your property can potentially appreciate in value in the long run. We at Devon Bank offer a no-interest halal home financing option and would be more than happy to clarify this step and guide you in achieving financial security. 

Warding Off Real Estate Inflation 💸

Rental fees are always subject to inflation and market conditions, so you may end up having to pay a lot more than what you did in the past years if your landlord decides to increase the rent. Having your own home safeguards you and your finances from inflation in the real estate market as you have a fixed-rate mortgage. At Devon Bank, you can avail of a unique halal mortgage that does not charge any interest. We offer the Murabaha transaction method, wherein we as your bank purchase the property and sell it to you at a fixed price. The amount is paid over time with transparent payment terms and no interest so you won’t have to worry about fluctuating interest rates as it would have a fixed profit markup or profit rate cap. 

Tax Deduction 🧾

A major benefit of owning a home is the tax deductions you can receive. You may be able to deduct up to $10,000 worth of property taxes if for single or married homeowners filing taxes together. Note that the deduction limit will drop to $5,000 if you are married but will file taxes separately. Consult your tax adviser for questions about tax deductibility.

Achieving Your Dream Home 🏡

Whether you want to customize your outdoor area or create a separate home office, homeownership will give you complete control over how you want to design your dream home. You have no landlord or other tenants to consider – Only the happiness and welfare of you and your loved ones. Given the flexibility, the possibilities in designing and organizing your home are endless. You will also not have to worry about planning short-term since you will not have to leave and remove all the decorations and alterations added unless you sell your home in the near future. 

There are many more worthwhile benefits of homeownership, and applying for halal mortgage can help fast-track this financial goal. Our halal financing professionals are ready to help you start the journey toward halal homeownership. Contact us today to learn more about our services and schedule a consultation.