There are many benefits to owning your own home, and they all will differ in priority for everyone based on each one’s goals and personality. Here are just a few of the benefits of home ownership that you may or may not be aware of that come with owning a home of your own.
Putting Down Roots. Getting to settle down and know your neighbors allows you to connect and be a part of your community. The more people stay involved in their local areas and communities the more it brings about a sense of camaraderie and friendship for those within the community. As they say, “Home is where the heart is.”
Savings On Taxes. Mortgage interest can usually be deducted on your taxes along with some other home related expenses. Speaking with your local tax professional can possibly bring more tax saving opportunities to light.
Building Equity. Equity is the difference between the value of the home, and the amount owed on the home. So, in most cases, the more a mortgage is paid down, the more the equity builds in a home. This allows the homeowner to have something similar to a savings account just not as liquid, and allows them to have even more benefits when they sell or refinance the home.
Appreciation. Increasing value in a home is increasing appreciation in the home, and there is a documented history of rising home values. Since equity is the difference between the value of the home, and the amount owed on the home - as stated above in “Building Equity” section – when appreciation occurs, the span between the value and the amount owed grows even wider.
Educational Benefits. Since research shows that renters move 4 times more often than homeowners, children will have less disruption in their normal routines and schedules due to a more stable environment of staying in one home for a longer period of time. Thus, would bring about higher grades and test scores due to the extra stability and lower stress.
Last, but certainly not least…
Happiness and Contentment. Homeowners can make the house their home in their own personal way without worry of breaking the restrictions of a lease. They can own a pet (or two), plant shrubs or trees and watch them grow, change the color scheme as often (or as little) as they like and … what is it that you would like to do with your own home?
If you believe you are ready to experience some of these benefits of homeownership and don’t know where to start, please call me today. It would be my pleasure to help find you the home that fits the benefits that mean the most to you!