Having a roof over your head and a place to call your home is one of the basic needs for survival. That comes in different forms for different people, but owning a home and renting a property are two of the most common ways people shelter themselves from the elements. While similar in some cases, there are some real benefits that you get as a homeowner that you don’t get as a renter.
Homeownership Benefits You Don’t Get From Renting: Long-Term Equity
A lot of people tend to talk about a home as being an investment. Unless you’re renting out a portion of your home, that’s not technically true, since an investment is something that’s making you money. That doesn’t mean that it can’t make you money later on though. One of the advantages of being a homeowner is the ability to build long-term equity in your home by improving its value and taking advantage of positive market fluctuations. If you do it right, you should be able to sell your home for a profit when the time comes.
No one likes to pay taxes, and a lot of people feel like they’re paying more than they should have to. If you’re a homeowner who feels that way, you may be in luck. There are a few different tax benefits that come with owning a home. Some of them, like deducting your mortgage interest, can help offset the cost of owning a home at least a little. Others may be related to home improvement projects. For example, if you install solar panels, you can get back 26% of the cost through solar tax credits.
Homeownership Benefits You Don’t Get From Renting: Customizing Your Home
Some landlords have rules about what you can and can’t do to their property. You have no such issues to worry about as a homeowner. When you own the property, you have the freedom to make changes to your home to suit your preferences. You can change the floorplan, repaint, redo the floors, add windows, and much more. Want a new bathroom? All you have to do is create a plan and come up with the funds for it.
Being a homeowner comes with a much larger upfront cost, and the ongoing expenses are generally much more significant too, if you factor in things like mortgage payments, insurance, and general maintenance. That said, things like building long-term equity, tax breaks, and the ability to customize your home without a landlord breathing down your neck are just a few of the advantages that come with the territory of being a homeowner. If you’re interested in making that transition, be sure to check out the resources that are available to first-time homeowners before you get started.
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Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.