Owning a home is something to love. It gives you, as a property owner, a sense of pride, the financial freedom from landlords, and something to truly call your own. There are hundreds of reasons to love homeownership. Today, we’ll focus on some of our top reasons to own a home.
Freedom from Rent
Many homeowners, depending on location, may very well trade payments from rent to mortgages. Still, the beauty of homeownership is making your money work for you in the form of equity.
Property ownership is part of the American dream, but it becomes a reality as soon as you own a home. Homeownership gives you not only a tangible piece of property but, with equity, you get the added benefit of something not only to borrow against but added creditworthiness.
Potential Tax Windfalls
President Donald Trump made significant changes to the tax code during his first years in office, which raised the standard deduction for itemizers. This tax reform means that for homeowners who itemize their tax returns, the mortgage interest you pay doesn’t work for you as much as it once did.
Nevertheless, if you choose to itemize your taxes, especially if you have a family and children, then homeownership could prove to be a significant financial windfall. Additionally, depending on where you live and what you pay in taxes and mortgage interest, those deductions could add up to substantial tax savings.
Pride of Owning a Home
Of course, not everything about owning a home is financial nor material. As a new homeowner, there comes a sense of pride in making a place truly your own.
Want to paint the walls? Tear a wall down entirely? Remodel the bathroom? All of these things are not only yours to do, but you have the freedom to do it, and you can take pride in doing so. The things that once were eyesores in your rented home, apartment or flat all of a sudden can become points of pride in homeownership.
A Voice in Your Community
While renting in and of itself doesn’t necessarily remove the inalienable rights of citizenship in your town or city, owning a home gives you more of a voice to influence your local representatives. After all, your tax money goes to paying their salaries and the salaries of other municipal officials.
And maybe being an influential community member isn’t something you initially love about homeownership, it’s a definite perk. No matter if your HOA or city council member represents you as a homeowner to the community at large, your new title as a homeowner and taxpayer give you a voice in your city.
Taking Steps to Homeownership
You can’t fall in love with homeownership if you don’t know where to start. Part of the difficulty in owning a home is finding where to begin your homebuying journey. The best way to get started is first to know what you can afford in terms of your mortgage. This will give you clear and defined boundaries from which to shop and will help your real estate agent better assist you in finding the perfect home.
No matter where you are in your homebuying journey, Tidewater Mortgage Services, Inc. can help. For over 20 years, Tidewater has helped first-time and experienced home buyers find the mortgage solutions that work for them.
To get started, apply online and get pre-qualified in as little as 24 hours.