If You’re a Homeowner, There’s Plenty to be Thankful for This Holiday
When you buy a home, you take on countless responsibilities– but, while owning a home can prove to be stressful at times, take a moment this Thanksgiving to remember all the great things there are to be thankful for.
Freedom to live however you’d like.
Unlike rental properties, owning a home gives you the freedom to do whatever you like to the property without having to get approval from a landlord. You can choose to paint the walls any color you’d like, hang up whatever you want, change the floors, etc. But to top it all (that is if you’re an animal lover) you get the freedom to have pets without needing to get an approval from anyone– within state regulation that is. Bottom line, what you do inside your home is all up to you!
Homeowner’s tax break.
As a homeowner, you can get a break on your income tax every year. Generally, the interest from your mortgage as well as property tax payments can be tax deductible. In some cases, even closing costs can give you a small federal tax break.
You build your credit history.
Paying your mortgage payments every month helps you look good in the lenders’ eyes. Your strong credit history will come in handy down the line when you’ll need other loans for things like buying a car, going to school, making improvements to your home, or even opening up your own business.
Increase your long-term wealth.
Instead of paying rent every month and never seeing the money again, homeowners have the opportunity to build equity on their homes. As the housing market fluctuates, the value of your home will change (and hopefully grow over time) and very well may make you money when you decide to sell it one day. Over time, if your home appreciates, that amount of money becomes the return on your investment that you made when you initially bought the house. As you invest in things throughout your lifetime, you’ll be able to secure your financial standing.
What are you thankful for as a homeowner? Tell us about it in the comment section below. Check out this article if you’re looking for a home this fall.