Nothing could be more fulfilling than having your own home. Aside from the fact that you have no other fellow “residents” to worry about interfering with your privacy and your daily activities, you also have the luxury of being the master of the house. Everything goes according to your preferences, and everything is arranged according to how you want it to be! So is it any wonder that many people are striving to accomplish the same thing as well?
While that may seem like a good enough reason for you to be a homeowner, there are actually other advantages when it comes to being the landlord of your own property. Some pertain to financial reasons, whereas others focus more on conveniences; nonetheless, they are all valid points for everyone to consider, especially those who are getting tired of paying rent every month!
To give you an idea, here are among some of them:
It Will Become Mandatory for You to Save
It is true that being a homeowner no longer entitles you to pay monthly rent since the property is already yours. However, don’t forget that you still have the mortgage to worry about! Don’t miss out on the due dates; otherwise, you may incur a penalty. Consistently missing out on it would likely cause the bank to foreclose the house as well.
Having this in mind, you would be motivated to set aside a few amounts every month in order to have a wiggle room in your budget. The thing about having a mortgage is that you will be “trained” to use your resources wisely. Money isn’t easy to come by, after all—you spend hours at work just to make a living, and a majority of that would go towards your mortgage, your bills, your food, and other important obligations.
It Will Save You from Housing Payments When You Retire
This is somewhat connected to the pointer above. People who retire often have to face the obstacle of spending their pension on leftover housing payments from their younger years. Not only is this inconvenient for senior citizens, but it also creates a huge dent in their budget!
If you would consistently pay off all your debts and mortgages during your younger years, that will leave you with little to no mortgages to pay off any more once you reach retirement age.
It Will Give You the Freedom to Renovate Your Home
Being a homeowner gives you the right and authority to “upgrade” any part of your home. No one will stop you from doing this, as long as you can afford it and the renovation isn’t getting in the way of your neighbor’s daily activities! Unlike those just renting out a home, their landlord will most likely prevent them from making any significant change in the house, even if its purpose is improving it.
It Will Give You Tax Advantages
More specifically, it will give you tax advantages on your mortgages. No worries, this is all a part of the law, so the deductions aren’t “off the books!”
With the provisions of the Tax Cuts and Jobs Act of 2017, you may deduct the interest on mortgage debts of up to $375,000 or $750,000. The only “fine print” in this is for married people who file joint tax returns.
It Does Not Require You to Follow Any Rules That You Are Not Comfortable With
You may come and go as you please, you can park right in front of the house, and you may even have a pet of your own. Renting a place prohibits some of these things, so being your own boss and landlord will definitely save you from these restrictions!
Conclusion
Being a homeowner has a lot of advantages. Aside from the freedom and savings that you may incur along the way, you can also expect to enjoy home upgrades, tax deductions, and a relaxing retirement phase in the foreseeable future. Settle your debts and mortgages, maintain your home sections, and have a longstanding friendship with your neighbors while you still can, as these will be the bonus “amenities” of your home sweet home!
If you are hoping to maintain your good standing payments with the help of the best mortgage lenders in town, look no further than Pennix Mortgage! Our highly skilled loan specialists are always here to help with your financing needs. Contact us for more information about our loans and services.
