There’s a sense of accomplishment and pride in owning your own home. The very word ‘home’ conjures up feeling of security, not just in the sense that you have a place to call your own, but also for financial reasons.
When you rent, the money goes straight from your pocket to your landlord’s pocket. As a renter, you are not the one to reap the benefits of federal and state property tax and mortgage interest deductions. If you are the owner, you will be the one building equity as your property appreciates in value. In today’s shaky economy, where else can you get so much bang for your buck? The equity in your home may also entitle you to re-financing options and provide you with the needed cash for remodeling, adding on, or other equity building activities. Not so if you are simply renting the property and wish to make renovations or improvements to your living space.
Often times, your mortgage payment may not be that much more than paying rent if you take into consideration the annual tax deductions you get as a result of owning the home. So when you make mortgage payments, your money is being invested in the property while also affording you a place to live! And with all the various fees that make up your monthly payment – including the tax deductible mortgage interest and taxes, the government is actually helping you with your investments.
Additionally, certain home improvements are fully realized in a financial way upon the sale of your property. Statistics indicate remodeling kitchens and baths will often bring a return dollar for dollar. If you live in your home for a period of time and decide to sell, you will most often get more than you paid for it, especially if you’ve added on, updated or done some renovation and home improvements on your home.
The second reason has more to do with your emotions and lifestyle. Most landlords do not allow you to modify the interior in any way, including changes to the decor or wall colors. So, even though you have a very nice place to live, it may never really feel as if it belongs to you.
When you own a home, you may modify it to suit your comfort, your tastes and your needs. You don’t need your landlord’s permission. It’s yours!
I’ll be happy to discuss your options with you. Call Today BEFORE it’s too late!
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IMPORTANT: If you or someone you know is interested in buying or selling a home in the Palm Desert Area, try searching properties on the same Desert Area MLS Realtor’s use, or give me a call….or visit my website at Palm Springs Homes and Estates. I will be happy to give you or your referral my “red carpet service.” After the sale, I will send you a $50 Gift Certificate towards dinner in a fabulous Palm Springs Area Restaurant so you can celebrate!
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