Becoming a homeowner is a huge milestone in many people’s lives. Even if you’ve been a homeowner for some time, there are still always things to learn about and ways you can make the most of your circumstances. Did you know that there are some benefits unique to being a homeowner? If you don’t, it’s time to learn.
Homes are often considered to be an asset. The thing about assets is that they are technically only assets if they’re making you money. The good news about owning a home is that it has the ability to appreciate in value over the long-term. That means that you stand a good chance of making a profit when you sell. Of course, there are things you can do to help the process along. Regular home maintenance and doing value-boosting home improvement projects can help you build equity in your home and increase its value.
As a homeowner, you’ll need to pay property taxes annually. This can be pretty expensive, depending on where you live. The good news is that there are tax breaks you can access as a homeowner that can help. If you install a solar panel system, you can get tax credits for that. Solar tax credits can pay for 26% of the cost of the system. You may also be able to deduct at least a portion of your property taxes from your income taxes, as well as private mortgage insurance and what you pay in property taxes.
If you spent much time renting a place to live, you’re probably familiar with rent hikes. The good news about being a homeowner is that you can choose an arrangement that allows you to pay a set amount on your mortgage that doesn’t change. In fact, that’s one of the specific benefits of a fixed-rate mortgage. From a less monetary standpoint, owning a home can provide you with greater stability in life in general. People tend to live in homes they own longer than they do in places they rent. That allows you to put down roots and build relationships within the community, in addition to having more stability in terms of your employment.
Being a homeowner is a lot of responsibility, but it isn’t without its benefits. Homes have a wonderful potential to appreciate in value, give you access to tax breaks, and can be a great source of stability. If you’re just making the transition to becoming a homeowner, or if you’ve been one for a while and haven’t been taking advantage of these benefits, start doing so now so you can live your best life in your home.
Read this next: What Does Homeownership Cost You?