Yes, there’s a day for that!
May 1 is National New Homeowner’s Day, celebrating the many advantages of owning a home. If you’ve just bought a new home in the past few months, you probably went through a stressful time of budgeting, house-hunting, negotiating and closing on your new place. Now that you’re all moved in, it’s time to enjoy the results of your efforts. Here are some of the biggest benefits you can look forward to.
Decorate However You Want
You don’t have to put up with an apartment’s white walls and beige carpet anymore. Want a purple bedroom? Paint it! Think the closet doors need to be replaced? Buy new ones! Owning a home means it’s yours to decorate as you want. You can choose the colors, furniture and textures that make you feel comfortable. (Keep in mind, however, there may be homeowner association rules for your exterior decisions.)
Experience a Sense of Community
Homeownership offers a feeling of permanence you probably won’t get with any other living arrangement. As a homeowner, you can build long-lasting relationships with your neighbors and get involved in worthwhile local organizations. Get to know your town or city. Find your favorite grocery store, restaurants and shops. Walk your dog in the parks and visit the churches. Get to know your new home inside and out.
Put Down Roots
If you’ve moved five times in the past three years, this perk will be especially attractive to you. Owning a home means you have a respite from the rest of the world. You can settle in, get comfortable and feel safe in your place. Plant a tree that won’t mature for 10 years or build a screened-in porch to enjoy next summer. You’ll be there to enjoy it for years.
Build Some Equity
The financial benefit of owning a home is one of the biggest reasons people take the homebuying plunge. Every monthly payment builds equity in your property. You also build equity as property prices rise. Over time, you’ll have a nice little equity nest egg in your home. You can consider refinancing and cashing out the funds, or let them continue to build up and create wealth for you.
Save on Your Taxes
Homeowners can see some big savings when tax time rolls around. The interest you pay on your mortgage loan (which is part of your monthly payment) is tax-deductible. If you itemize, you can deduct your mortgage loan interest and property taxes. These can add up to hundreds of dollars in tax savings every year.
These are a few of the many things that make homeownership great. Dive into your new place, make it your own, get to know your city, and make new memories. And don’t forget a welcome mat that says “Home Sweet Home.”
Are you thinking about taking the homeownership plunge? Call MIG today and let us lay out your mortgage loan options.