6 Reasons to Own a Home
Not taking into account the fact that I sell real estate for a living, owning my own home has been one of the biggest joys in my life. I've owned a couple condos and have sold them, but I still own the first house I ever bought. And I can truly say it's my "home." I've been here a long time, and there are still things I have not done. And I hope I get them done before the day ever comes that I have to sell it! But for now, I love my little piece of land!
But let's look at 6 Reasons to Own a Home that you may have heard of, but they are worth repeating!
1) It's YOURS!
Yep! Don't like the bedroom carpet? The bathroom tile? The paint colors? When you own you own home, you can do what you want. Of course this applies to a single family home more so than a condo. In a condominium for example, you usually can't install a tiled floor all the way through the condo. (to much noise and no way to install any sound barrier under tile!) So there can be a few restrictions in a condo. In a single family home, inside you can do pretty much what you want, but you will need a building permit from the city you live in.
2) Tax Benefits
When making the monthly mortgage payment, you can deduct some of those expenses. Just try doing that with your monthly rent check on your tax return!! You can deduct the mortgage interest, and various other home expenses. If you work from home, you may be able to deduct even more expenses. (Seek the help and guidance of a professional tax advisor/accountant for this!)
You have appreciation when you rent....your rent goes up every year! Here, we mean appreciation in the value of your home! It will vary from city to city, state to state...even building to building if you are in a condominium, but in the last few years, at least in the Atlanta market, we have seen some pretty healthy appreciation for home values. Call it a form of savings if you will. You can use the equity you gain whenever you sell to either move up, or have money for something else if you buy something smaller or less expensive.
Like we just said above, as you make each monthly payment, you pay a portion to the principal balance on the loan, and towards the interest. As you pay down that mortgage, you are building equity. (You own more than you owe!) That equity can be used later, as we said, to hve a larger down payment on your next home, or could be used for anything...college, car...
While this may not be 100% true, I do think most homeowners have a more vested interest in their neighborhood and community than renters do. Again, not always the case. In my particular neighborhood, there are both homeowners as well as renters that could learn a thing or two about lawn mowing! (don't get me started...but there is something to be said when you have an HOA and they can enforce rules.....city code enforcement is not the same thing!)
Not sure about this one.....why a kid living in a rental home would not do as well as a kid who's parents own a home? My only thought would be if there is the potential of moving and changing schools and that could have an impact?
6 Reasons to Own Your Home ....we could probably find more, but this is a good list.
If you've been thinking about ditching that monthly rent, and building equity, planting roots and finding a place to call home, I'd be delighted to help you every step of the way.