ADVANTAGES OF OWNING
There are several advantages of buying a home versus renting a home. If you’re struggling with the question of rather to buy or to rent, consider these reasons to take the plunge into home ownership:
- Now is a good time to take advantage of lower percentage rates. Percentage rates are still at an all time low, making it a great time to invest your hard earned money.
- Homeowners can take tax deductions. The main tax benefit of home ownership is the ability to deduct mortgage interest payments. Furthermore, homeowners, in some cases, can avoid paying federal taxes on the earnings of the sale of a home. Also, homeowners can deduct eligible expenses, such as certain energy-efficient improvements. I recommend speaking with a tax adviser to learn what tax breaks you’re eligible for.
- Unlike hotel prices, a fixed mortgage can’t increase (even if inflation does). When you rent a vacation home or pay the high price of a hotel, the price generally will rise each year. Also, prices increase at peak times when you’re most likely to need a rental or hotel room. When you buy a home with a fixed rate mortgage, the cost for your monthly mortgage payment will remain the same and you can be the one raising the cost of rent to your renters.
- You won’t have the hassle of dealing with hotel hunting and non-vacancies at hotels anymore. Each time you go on vacation, you can rest assured knowing you can visit and enjoy staying in your own vacation home. No more searching for the best prices to rent a place or worrying about finding a decent place that’s not already rented out.
- You can build a second income stream by renting out your holiday villa. From taking in a renter in a spare bedroom (if you’re staying in the home) to renting out the entire home. There’s possibilities to build income, as long as it’s not against the homeowners association rules (if applicable) or against the local ordinances.
- You can customize your space. If you want to rip down a wall, paint each room your own colors, or add a room, it’s up to you. You can add smart home features or energy-efficient improvements to help reduce the costs of your utility bills. When you buy, you’ll own the space you live in and will have the freedom to change the home to your own unique style.
If you’d like more information about buying a vacation home, click the “Own your Piece Of Magic” link below, fill in your contact information, and I will contact you as soon as possible. 🙂 Paula