Being a homeowner comes with a lot of responsibilities– but, while owning a home can prove to be stressful at times, there are many reasons to be thankful for all of the great opportunities that come with owning your own home.
The obvious. You have a roof over your head- it’s estimated that over 500,000 people in the United States can’t say that same thing (*drops the mic*). But seriously, when you think about it that way, it puts it into perspective just how much homeowners have to be thankful for!
Homeowner’s tax deductions. As a homeowner, you are able to make deductions on your income tax each year. Your mortgage interest and property taxes are two of the most common deductions that are available. In some cases, even closing costs can give you a small federal tax break.
You build your credit. Paying your mortgage payment on time each month increases your credit. A strong credit score can open up a multitude of opportunities down the road when you find yourself needing loans for other things such as starting a business, continuing your education, building a brand new home, and so much more.
Increase your long-term wealth. When you pay a monthly rent, you are writing a check each month- giving away money that you will never in your life see again. When you pay a mortgage payment, you are building equity and gaining value- you will see this money again when you sell your home. As the housing market fluctuates, the value of your home will change and very well may make you money when you decide to sell it one day. Over time, if your home appreciates, that amount of money becomes the return on your investment that you made when you initially bought the house.
This Thanksgiving, don’t forget to take a second to think about everything there is to be thankful for as a homeowner.
Have a safe and happy holiday!