Owning your own home is an incredible feeling. In addition to giving you a place in a community, homeownership also makes it possible to make changes to your place without a lot of oversight, which can help you to express your personality. However, there are other aspects of homeownership you might not expect that are just as positive. Here are three things about homeownership you don't expect but that you might really enjoy.
1. A Sense of Permanence
Have you ever moved somewhere only to have trouble making friends because you know you won't be there long? One of the biggest perks of buying your own home is the fact that you can really feel settled in a community and start participating in your neighborhood, city, and region.
This sense of permanence is also important since it helps you to feel more vested in current events. For instance, you may be more likely to vote on the issues when they directly impact your taxes, and you might attend that city council meeting when it plays into whether or not the town you live in gets a new park for your kids.
2. Tax Write-Offs
Homeowners have the opportunity to write off expenses like property taxes, mortgage interest, and even expenses tied to repairs. As a result, they have less taxable income, which can be helpful when they file taxes. If you typically pay a lot in taxes and you want to lower that amount, consider investing in a home to help lower your tax responsibility.
3. Property Appreciation
Over the years, the value of your land and property may improve, which could make you money if you ever sell and move. For instance, if you buy a home for $200,000, and over the course of a few years you pay down the principal mortgage down $50,000, and then the area appreciates in value and the home is worth $300,000, you could pocket a whopping $150,000 when you sell, minus closing costs and transaction expenses. You can use this cash to pay down debt, put down a deposit on a new home, or even go on a luxurious vacation.
While it can be tempting to search for houses on your own, it is important to work with a professional real estate agent who can walk you through the process. Real estate experts can talk with you about which kind of home you are looking for and guide you towards exactly what would work for you and your family situation. Contact a real estate agent to begin looking at houses for sale.