Homeownership certainly has its moments… from the simple things that drive you crazy like a door that squeaks, or windows that stick to bigger issues that take a chunk out of your wallet, like a heating unit on the fritz, or a leaky roof. But this time of year, let’s put those frustrations on hold and look at all the reasons we have to be thankful we are a homeowner….
- You can paint the rooms whatever color you want. Remember those rental days when you weren’t allowed to get creative with the paint color?
- Pets are welcome regardless of their size (Ok, technically you may still have to follow a few homeowner association rules in some communities when it comes to farm type pets like chickens, goats, or pigs)
- Tax benefits: As a homeowner, you can deduct mortgage interest and property taxes from your annual income taxes. New homeowners get even more benefits.
- If the world shuts down again because of COVID, you have more space to hole up in with your family than someone who is stuck in an apartment.
- You have a roof over your head when it storms.
- Paying a monthly mortgage is cheaper in the long term compared to just paying rent each month.
- Owning a home helps you build a credit history. 35% of your FICO score is made up of payment history on your debts.
- Being a homeowner increases your borrowing power as you build equity in the home. The FICO score is the score financial institutions use to determine whether or not they will loan you money. If you pay your mortgage on time your score is likely to rise.
- You have more control over day-to-day housing related costs.
- Homeowners have a higher perceived control over their lives and higher rates of self-esteem compared to renters in a study by the National Association of Realtors.
- You have control over home renovations, which if done correctly can boost the property value.
- You are in control of maintenance issues. When something is broken you don’t have to wait for a landlord to handle it. You can take care of it as you need!
- Being a homeowner offers a sense of comfort and security.
- It increases your sense of community as homeowners are more likely to remain in the area longer than renters, adding to the stability of the neighborhood.
- Homeownership typically reduces the risk of crime. Homeowners tend to invest in their community more than renters, participating in group watch programs or just simply keeping a closer eye on what’s happening around them. Communities with higher rates of rentals tend to have more crime.
- Being a homeowner offers children more stability, boosting educational performance and better healthcare outcomes.
We are certainly thankful for all of the homeowners who have trusted us and will continue to trust us with one of the biggest financial investments you will ever make. We want you and your family to feel safe and secure in your home.
From all of us at 5 Points Realty, Happy Thanksgiving.