Every July 4th Weekend, we celebrate our independence from the rule of Great Britain all those years ago. Cookouts, parades, fireworks and fun—intended to not only remind us that at one point we weren’t a free a country, but also an opportunity for families across our great nation to enjoy ourselves, a release from the daily grind of work, paying bills and fulfilling our daily obligations. Yes, July 4th is meant to be fun, and here at Coldwell Banker Innovations we hope you enjoy this mid-summer holiday. After all, no longer do we have to be concerned about the Crown posting Red Coats on every street corner, or being frustrated by “taxation without representation”. Hopefully the only tea on your mind will be the fresh brew poured over ice helping you cool off poolside!
But, for some of us, we do still live under the daily rule of an evil tyrant; a monthly monster that demands to be fed, eating into your bank account with a hunger that often leaves us wondering why we continue to appease this hideous beast. Yes, you guessed it, we’re talking about that dirty four letter word that makes everyone cringe: RENT. There is, however, a solution to banish this vicious enemy once and for all.
The Benefits Of Homeownership
Do you find yourself still renting? Certainly you’ve considered becoming a homeowner at one point or another, but for some reason continue to begrudgingly pay your landlord every month. Why? There are so many reasons to finally declare your independence and experience the American Dream of homeownership, and now is the perfect time to finally stake your claim!
Owning A Home Increases Privacy
Ever try to sleep in on a weekend, only to be awoken by what seems to be a herd of elephants performing The Electric Slide in the apartment above you? Or what about that quiet evening you had planned to catch up on your favorite t.v. show only to be distracted by the Party Of The Century being held down the hall? When you own your home you’ll never need to worry about upstairs neighbors or walking down an interior hallway to open your front door.
Your Monthly Mortgage Is Stable And Predictable
Before you renew that lease, read all the fine print very carefully, as it is normally during this process that your rent will increase. When you own your home, especially when you’ve financed a fixed-rate mortgage, you know precisely how much your payment will be every month until the loan is paid off. It won’t fluctuate, which allows you to create a budget for your other expenses. When you find yourself with some extra funds, you can even send additional payments to your lender in order to help pay off your loan earlier, which can save you a great deal of money over the life of the loan.
Interest & Property Tax Can Be Deducted
Did you know the interest on your mortgage, and the property taxes can be claimed as an annual deduction? Now, think about this—your landlord views your rent as income. He or she needs to cover the mortgage, interest and property tax on the apartment, but it’s not coming out of their pocket. As their tenant, your rent is covering all of the above, plus a little extra that they view as profit. Do you get to claim the deductions at the end of the year? Nope, they do. In many instances, your mortgage payment on your own home is actually much cheaper than the rent you’re currently paying right now. More than likely, your new home will be even larger than where you’re living, plus, you’re eligible for the annual tax deductions.
You’re Building Equity When You Own A Home
Wouldn’t it be great if, we you decided to move out of your apartment, your landlord handed you a check for all of the rent you paid during the course of the lease? That’s never going to happen, but when you own a home, it certainly can. If you decide to sell your home, based on the payoff and other fees, you can find yourself walking away with a nice check; funding to use anyway you want, even as a downpayment on a new house.
Isn’t it time you became a homeowner? Call Coldwell Banker Innovations at 301.745.1500 and we will introduce you a talented agent able to help you achieve the dream of home ownership.
Have A Great Fourth Of July!