As we approach the holiday of gratitude, here is a quick list of why it is great to be homeowner this Thanksgiving…
1. Make it your own:
If you ever moved out of a rental and had to go back and restore it to it’s original look as the day you moved in then you understand this point perfectly. When owning a home you have the opportunity to truly customize the home to your heart’s desire. Whether that is landscaping, interior design or something else. The only person you have to get permission from is yourself… (well maybe an HOA if you live in an Association). But generally speaking if you want that wall bright pink you can do it!
2. Emotional Anchor:
When you own a home it becomes a form of stability that is a bit hard to explain until you actually own one. But, if you have ever been in the position of coming close or losing your home, then you understand this statement completely. Your home is the place you come to for safety, family, relaxation that is intertwined with the people you share it with… it’s home!
3. Cost of Living:
With rents skyrocketing, especially here in Central Florida, owning your home means that your cost of living is static for many years depending on the loan program you took out to purchase. When the cost of utilities, food, etc goes up your house payment is static for up to 30 years!
The magic of owning a home is Equity! As you live there and improve it, the value of your investment naturally increases. After the value has increased and you decide to sell, you get the difference and that difference could very well be tax free. What other investment provides this? Of course there are ups and downs, but overall the numbers show if you purchase with the long-term in mind you will grow equity.
5. Tax Breaks:
Think about this, owning a home is so important for the economy the government is giving you a variety of opportunities to reduce your tax liability by owning. When you own a home you have the ability to utilize several tax breaks on the cost of homeownership. Items such as Mortgage Interest, closing cost, repairs, etc. You then have the ability to take the increased value, deduct some cost and if not too excessive you may get the difference tax free (rules apply here) . Or you can use that money and go and invest in other properties (again rules apply here). Of course, you should speak with a tax advisor on the benefits of what you can write off, but the point here is owning a home gives you many benefits to reduce your tax liabilities.
So this holiday when your friends and family come over to enjoy your home or as you enter their’s take a moment and recognize all you have to be thankful for!