For first time buyers, homeownership tends to bring about many changes into your life. Any experienced homeowner will tell you about how owning a house is very much different from living in a rented property. While the changes can be very stressful for many, owning a home tends to be worthwhile in the long run. Here are four major ways that owning a home alters your lifestyle.
DIY and Repair Projects
If you were previously renting a property, then you were probably accustomed to the property manager taking care of any house repairs. If the dishwasher was leaking or the air conditioner wasn’t working, all you had to do was let the landlord know. When you own the house, any appliance breakdown is now your problem to fix. While some people simply hire out professionals to do any repairs, some people like to get into Do It Yourself projects. And thanks to the internet and its vast array of how to guides and manuals, learning to fix up a house can just be a matter of doing your research and buying the right tools. For some, this change is pretty cumbersome, but for those who enjoy doing their own repairs, it’s nice to not have to rely on a property manager to get things done.
Financial Appreciation
For most cases, the house will see an increase in monetary value over time. The more a homeowner pays the house’s mortgage, the more stakes in the property they own. Working with a real estate company, like Leading Edge Real Estate, can help you find a home that has potential to grow in value. While buying a house is extremely expensive in the short term, as a long term investment, a house is definitely worthwhile, especially compared to paying rent toward no financial gain. It’s also worth noting that any additions or improvements you make to your home while you’re paying it off will raise the value of the home, but not the price of your mortgage. Your house may be worth more than you paid for it after all is said and done.
Saving on Taxes
Homeowners get to enjoy a number of tax breaks that aren’t available to renters. Just the initial buy of a home can lead to a buyer’s tax break from the IRS. If you have private mortgage insurance, you may be able to claim the deduction on your tax return. The IRS also grants a tax credit to homeowners who integrate energy efficient equipment into their homes, so it can be fairly cost effective to make green upgrades to your home.
More Freedom
Owning a house means doing whatever you want to it, within reason. You can break down walls and renovate entire rooms. You can change the landscape of your yard. Repaint the walls to the color you want. Your house can become a space that is tailored to your needs, and offer you all the comforts you want from it. It may take time, and a budget, but your home can change for you, your family, or even when you’re looking to sell.
While becoming a homeowner entails a lot of freedom, it also entails a lot of responsibility. Just buying a new property can be a stressful process. That’s why many turn to real estate professionals and financial advisors before jumping in. It may be difficult to take on the burden of homeownership, but you’ll enjoy all the benefits for years to come.
