Selling your home may be an idea you are seriously considering, but that does not mean you are ready to put your home on the market just yet. You may be waiting to pay off your mortgage, you may be
6 Reasons Why Owning a Home in Treasure Coast FL is Awesome
Are you thinking of buying a home?
Homeownership has always been part of the American Dream. Getting the keys to your own property is a significant milestone in life.
Being a homeowner entails a lot of responsibility, but there are also a lot of rewards. From personalizing your living spaces to turning a profit when you sell, there are dozens of reasons why first-time home buyers can’t wait to find a home and make it their own. Though there are plenty of benefits of owning a home in Treasure Coast FL, here are the six benefits that stand out from the rest.
1. You Can Customize Your Space
When you’re renting, you don’t really have a lot of options for modifying your living space to better suit your needs and lifestyle. As a homeowner, you are free to create the home you want. Having your own property gives you the liberty to create the living environment you have always dreamed of.
Whether you want to invest in the latest high-tech home features or paint your walls neon green, owning a home gives you the freedom to do just about anything you want. You will have more room to spread out and store more stuff. You can do all the things that make a house YOUR home without having to get approval from a landlord.
2. You Make the Rules
Unlike with a rental property, where a landlord can dictate what you can and can’t do while living there, living in your own home means you have the freedom to host parties, adopt a pet, plant a garden, you name it.
As a homeowner, you are in total control. Certain rules about the paint colors you can use will be a thing of the past. You’ll be able to tear out walls, install a game room or entertainment room, and make any other improvements you want. Best of all, if you decide to sell, you’ll recoup at least part of the cost of the improvements.
You will have the peace of mind knowing that you are not living in someone else’s house and that there will be no more unwelcomed surprises. You no longer have to worry about crazy landlords or rent increases. You will be able to live in your own home for as long as you want and have a fixed payment each month for a number of years. Having your own home also stabilizes other home-related expenses like utilities and gives you more control over your ability to make investments in your property that keep those expenses down.
3. You Can Take Advantage of Tax Breaks
It’s true what they say: owning a home is an investment. But that doesn’t mean there aren’t ways that you can reap financial rewards upfront.
Here are some tax benefits to owning a home:
1. In most cases, the interest you pay on your mortgage is deductible
If you own a home and your mortgage is less than $750,000, you can deduct the interest you pay on the loan. This is one of the biggest benefits to owning a home as compared to renting. Using certain software can help make the deduction simpler. However, if you don’t want to use any software, just remember to review the IRS Form 1098 that will be sent by your lender and detail the amount you paid in interest on your loan on your tax return.
Keep in mind that the value of this tax break will depend on several factors such as your personal tax bracket, the size of your mortgage, the rate of interest you pay on it and how long you’ve held the mortgage. According to the rule, the newer the mortgage, the greater the amount of interest you pay each month, and the bigger the tax break. As such, recent buyers with young mortgages tend to get the greatest benefit.
2. The amount you pay in property taxes is deductible, too
As a homeowner, you can also deduct your property taxes. Under the new law, you can deduct up to $10,000.
3. In some cases, Private Mortgage Insurance (PMI) can also be deducted
Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. It is a lender's protection in the event that you default on your primary mortgage and the home goes into foreclosure. If you took out your mortgage after 2007, it’s possible you can claim a tax deduction on your PMI payments. The current tax law states that you can claim the deduction if your adjusted gross income is $100,000 or less if you’re married or $50,000 if you’re single.
4. You Can Better Invest in Your Community
Eager to make friends with your neighbors? Want to participate in homeowners association meetings? Can’t wait to get involved with community beautification projects or local organizations? When you own a home, you can truly become an important part of the community.
As a homeowner, it will be easier for you to be more connected to your community. After all, purchasing a home is a long-term investment. Considering the upfront cost of buying a property, it is expensive to stay in a home for less than five years. In fact, most people plan on staying for ten to twenty years.
When you choose to buy a home in Treasure Coast, Florida, you will have the opportunity to live in one if the most beautiful areas in the state. In fact, there is no better place to enjoy the beauty of nature and the perks of coastal living than in Treasure Coast.
According to history, the story of Treasure Coast started more than 300 years ago when a fleet of 11 Spanish ships was wrecked offshore between the St. Lucie River and Cape Canaveral. These ships were on their way back to Spain after collecting new wealth from the American possessions of the Spanish empire. Unfortunately, the treasure-carrying fleet was sunk by the winds of a hurricane. As a result, gold, silver, and jewels were scattered over the seafloor. Some of these treasures can sometimes till be found washed up on the shores. Thus, the name of the region.
Here are a few things you can expect when you live here:
1. The Treasure Coast is home to some of the most exquisite flora of the state. All throughout the region, you'll find vibrant colors of blooms and the rich texture of its foliage. In fact, with everything from fern to palm trees, Treasure Coast is a gardener’s paradise.
2. The Treasure Coast has both cities and many smaller towns, offering that Old Florida feels. It is comprised of three counties – Indian River, St. Lucie and Martin. Each county offers its own brand of beauty, fun adventures, great fishing, and a laid back atmosphere.
3. The Treasure Coast several kinds of activities for a wide range of interests. From rodeos to art galleries, to high-end shopping and eco-friendly sea turtle adventures, you will never run out of fun things to do. In addition, some of the best billfish sport fishing in the world is found along the Treasure Coast.
4. The Treasure Coast lets you enjoy the ultimate beach lifestyle. It’s common to see residents wearing flip-flops and golf shoes year-round. You can head to the beach for all occasions. You can enjoy a picnic with family and friends, play a game of catch or volleyball, soak up some sun, or splash around in the water.
5. The Treasure Coast of Florida is a refreshingly delightful place to live, work and have fun! If you want to be a part of this vibrant, thriving community, you’ll have many options to choose from. Treasure Coast homes for sale single-family homes, cottage-style homes, ranch homes, large estate homes, and 2-3 bedroom starter homes. There are also new construction homes in both master-planned communities and well-developed neighborhoods that are not in gated communities. If you plan on living close to the water, you can take your pick from the many waterfront homes for sale, from riverfront cottages to deep water Intracoastal homes with boat lifts and docks to accommodate almost any size watercraft.
5. You Can Put Down Roots
Speaking of getting involved in your community, owning a home also allows you and your family to settle down and establish roots in a home and neighborhood that you love.
Here are other advantages for you and your family:
- Your children will do better in school
According to studies, children of homeowners tend to score 9% better in Math and 7% better in reading as compared to children of non-homeowners. Researchers associate that to the stability homeownership provides to these children’s lives. The young ones tend to thrive on routine. When your children know what to expect and have the same set of friends throughout most of their young lives, they feel less stressed. As a result, they perform better in school.
- Your children will behave better
Aside from doing better in school, studies have also shown that children of homeowners show 1-3% fewer behavioral problems as compared to children of non-homeowners. This is also attributed to the stability that children feel knowing that they will not be leaving their home any time soon.
- You and your family will be healthier
Renting means that you are leaving in someone else’s home and you don’t have a say over the chemicals your landlord uses on the landscaping or the type of materials used in the apartment. In addition, some landlords don’t stay on top of mold, rodent, or termite problems. However, when you have your own home, you have complete control over most things. You can opt for non-toxic materials and take care of mold before it becomes a serious concern.
6. You Can Earn Money Back When You Sell Your Home
Buying a home is an excellent investment. While home prices move in cycles over the short term, sometimes up, sometimes down, yet the longer you live in your home, the more equity you build.
What is equity? When you subtract the amount you owe on your home loan from the total value of your property, the amount left over is your home equity. It is the portion of your home that your truly belongs to you.
Let’s assume that you purchased a home for $300,000 and made a 20 percent down payment, and secured a loan to cover the remaining $240,000. At this point, your home equity interest is 20 percent of your home’s value. Your home is worth $300,000 and you contributed $60,000 or 20 percent of the total purchase price.
Now, let’s say after several years, your home’s value increases by 50 percent. If it’s worth $450,000 and you still owe $240,000, you have around 47 percent equity stake. You can calculate that by dividing the loan balance by the market value and subtracting the result from one and then convert the decimal to a percentage. In other words, although your loan balance has not changed, your home equity has increased.
For many homeowners, home equity is their most valuable asset which can be used later in life. When needed, you can borrow against your home equity to meet different financial needs such as home renovations, education, or medical expenses.
And if the homes in your neighborhood are appreciating in value, you can earn a significant amount of money back when you decide to sell your home — maybe even thousands of dollars!
Want to Own a Home of Your Own? We Can Help!
Homeownership is a rewarding experience, especially if you have the right tools and resources at your fingertips. If you’re considering buying your first home, contact us and let’s talk about your plans!
Call me, Melissa Conrad, at 772-240-2589. I can help you find the home that fits your needs and budget.
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