Friday, January 5, 2018

Owning your own home in 2018 by Carrie Colby

Being a homeowner gives you the security of owning the roof over your head, the feeling of contentment, satisfaction, fulfillment and it is the wish of most, if not all, Americans.

Homeownership is the American Dream. 

Homeownership is also the best investment. The value of your home appreciates, which means that if you decide to sell it, its price will be much higher than your purchase price. Homes appreciate about 5 percent every year (of course some areas appreciate more than others).  And as we have seen in our area in the last few years, appreciation is not always the case but just like all investments, if you hold onto them for the long term they will appreciate. Try, if you can to wait out the market and only sell when you will make a profit.

Homeownership, in a way, is a form of forced savings because you’ll have to allot a certain amount of money for monthly payments or risk losing your home. You also need to set aside money for future repairs or improvements.

Homeownership gives a sense of permanence where your family can live and grow. Emotional security goes with this. It gives you and your family security and peace of mind knowing that you have a home to call your own. 
You will develop lifelong friendships and a sense of roots and community for you and your family. Homeowners become attached to neighbors, become interested and involved in events and work towards the betterment of the community to protect and preserve property.

Homeownership eliminates landlord hassles. You will have no more worries with regard to a lease have pets, or change the color or the d├ęcor of your home to your own taste as you desire. It also gives you privacy; it’s not like renters wherein landlords can have access to the place.
not being renewed or an increase in rent. It gives you the freedom to redecorate, remodel, make improvements,

Keeping up on maintenance is crucial to making sure your home does appreciate and also keeps your family safe while living in your house. Maintaining your house on a regular basis also eliminates costly big-ticket repairs. For an example, if you have a septic, it is important to having it pumped every couple years as it will help you prevent costly back-ups and extends the life of your septic. The same goes for your furnace. 

Painting your house every few years keeps your home from needing costly repairs; like if the wood rots and it helps prevent leaks around windows and doors. 

You also save on taxes. All the interest and property taxes (up to $10,000 per year as of 2018) you pay in a given year can be deducted from your gross income to reduce your taxable income. You can borrow against your equity because the value of your home increases against what you owe on it. You may also have a better credit rating. Mortgage payments paid on time contributes to an outstanding credit history.

Owning a home is the biggest and best investment a person can ever make and, so you have to manage that investment to the best of your ability. It requires extraordinary commitment not only of funds, but time and attention as well. 

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