It’s the time of year we get together with those we love and take a moment to reflect on what we’re thankful for. If you are lucky enough to call yourself a Homeowner, then you might even have more to be thankful for this season, than you realize!
While we could think of hundreds of reasons a homeowner can be thankful, we have narrowed it down to our top 10:
- Tax Benefits- One of the best parts of homeownership is the tax benefits. Your mortgage interest and property taxes can be deducted from your federal taxes, which can amount to huge savings. If you bought a house this year, you could also deduct some closing costs, moving expenses, and loan discount points.
- Equity – Home values have increased, which means you have equity in your home. Equity is the difference between the amount you owe on your mortgage and how much your home is worth. If you were to sell your home, you would get to keep your equity without any tax penalties!
- Not Having a Landlord – Be thankful that you don’t have to worry about a landlord raising your rent while doing the least to make sure you’re living comfortably in your home.
- Freedom – Being a homeowner means you are free to paint a wall blue or remove old carpeting. It may not seem like the biggest deal, but if you’ve rented a place before, you should understand how nice it is to know that you don’t have to get approval from someone else to make changes to your home.
- Stability – Planting roots in a home provides a sense of stability. This is especially beneficial to your kids. Kids whose parents are homeowners tend to do better in school.
- Control – When you’re a homeowner, you decide when you want to move. You don’t have to worry about the home getting sold out from under you as you do with a rental.
- Building Wealth – Did you know that homeowners have a net worth 80 times higher than that of a renter?! It’s true, thanks to the equity in your home.
- Building Credit – Paying your mortgage on time each month helps your credit score. A good credit score is definitely something to be thankful for!
- Better Health – It has been proven that homeowners have better health than renters, and what’s more important than good health?
- A Place To Call Home – Being a homeowner means you have a place to call your own. It’s where you create lifelong memories with your family and friends. It’s where you feel safe, comfortable, and warm during. Those are all things to be thankful for.
There you have it. Homeowners have so much to be thankful for this year and every year. If you are still renting, why not make it a goal to be in a home of your own by this time next year? We’d be happy to help make that happen!