5 Things Homeowners Should Be Thankful For
After 2020 this has been a great year for us with many many blessings helping people move into a new home and helping others sell their homes and move towards another chapter in their lives. For me this is what real estate is all about. It's the people we help and guide through a life event.
1. “Home Is Where the Heart Is”
Whether you’re gathering with friends, creating family memories, or spending much-needed time alone, your home is the center of many long-lasting traditions and wonderful experiences. It’s no wonder then why so many great writers, poets, and thinkers consider home a place where we find love, fulfillment, and most of all, peace of mind.
2. Asset Appreciation
Another joy of having a home is that it often makes a good investment. Since most homes increase in value over time, generally with similar long-term returns as retirement funds and stocks, this typically makes homeownership a smart financial decision. In fact, the average homeowner gained $9,800 in equity in 2020 alone – which is something every homeowner should be thankful for!
3. Lower Cost of Living
Homeowners can breathe easy as rental costs rise, knowing once their home is purchased, their payments will remain steady depending on their loan agreement. Plus, with expenses such as utilities, food, and other essentials steadily going up due to inflation, homeowners can more easily adapt their budget to maintain their lifestyle without having to account for increased housing rates.
4. More Freedom
When you own a home, you don’t have to deal with having a landlord who can enter your unit for periodic inspections and routine maintenance. What’s more, homeowners never have to live by the rules imposed by apartment complexes, which may control where you park, dictate how many guests you can have, or put limits on your pet options. Most importantly, owning a home lets you make improvements without needing prior approval, giving you the freedom to upgrade or enhance your home any way you choose.
5. Tax benefits
The Tax Cuts and Jobs Act of 2017 ensures homeowners can still deduct mortgage interest from their income taxes, giving you more budget flexibility than people who rent. Add to this a range of other tax deductions like closing costs, repairs, and other household expenses many homeowners can access, and you have more opportunities to reduce your tax liabilities.