10 benefits of home ownership

From financial to quality of life, there are many benefits of home ownership!

Because you could (and should) love your home

Is there anything more meaningful than working on and improving something you love? Beyond the money, owning a home can bring meaning to your life in ways you never imagined.

It provides a home-base in the great big world

Whatever adventures you want to pursue in the future, your house gives you a place to keep your stuff, a potential vehicle for passive income, and more importantly, a home to return to!

Stable, predictable housing costs

A fixed mortgage helps make your housing costs stable over time—something you can’t say about rentals. In fact, the Wall Street Journal recently reported owning is cheaper than renting in the majority of the U.S. metropolitan areas, as measured by international financial services giant, Deutsche Bank.

You become part of the community

You’re buying a spot in a neighborhood, surrounded by people who are all working together for the greater good—to make it a fantastic place to settle down and call home.

Positive benefits for physical and mental health

Studies have shown homeowners report greater satisfaction with their physical well-being. Homeowners also report greater psychological well-being. Research done by Habitat for Humanity shows homeowners are happier. They have high satisfaction with life, a more positive mindset, and a good amount of self-esteem. They feel like they’re in control—like they have a good handle on things.

It's good for kids

For years, research has shown that children who grow up in homes owned by their families are more likely to succeed in school and less likely to develop behavioral problems. Things like stability and security are proven to be good for a child’s development.

It's your house and you can do (almost) anything you want with it!

Paint the walls pink, get 3 dogs, change the floor plan, put a sandbox out back, plant a garden, and play your guitar until the neighbors call the cops! It’s your house and you don’t have to ask anyone’s permission!

Deduct the interest you pay on your mortgage

If you own a home and don’t have a mortgage greater than $750,000, you can deduct the interest you pay on the loan. You can also deduct points if you paid points to your lender when you got your mortgage!

Deduct the amount you pay in property taxes

Under the Tax Cuts and Jobs Act of 2017, you can deduct up to $10,000 off your taxes.

Appreciation and tax benefits when you sell your home

Obviously, everyone hopes that their property will appreciate in value and build equity. In my market, some of my buyers have seen the value of their home literally double in the space of 5-7 years. And if you sell for a gain, and you’ve lived in your primary residence for two out of the five years before you sell it, you’re excluded from paying taxes on any profits you make for up to $500,000 if you’re married and up to $250,000 if you’re single.

Contact me about buying or selling your home

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