Home is not just a place, it’s a feeling. “Home” is a sense of peace. “Home” is where you are always welcome. “Home” is belonging. The purchase of a home represents achievement and stability. Yes, the financial benefits are positive, but it is those personal triumphs that often outweigh the numbers.

 

The Hart & Olive Real Estate Group is well-versed on both sides of the home-buying coin. It is important that, when purchasing a home, both the financial and emotional aspects are addressed. Buying a home continues to be one of the most secure long-term investments available to consumers. Even as the broad market fluctuates, the real estate market consistently appreciates.

 

• In addition to appreciation, homeowners find value in tax benefits. Both mortgage interest and property taxes can be used as tax deductions at year’s end. While this may seem like a small deduction, the savings over the years quickly add up.

• Beyond mortgage interest or property taxes, there are additional items eligible for deduction, including many home improvement spends. For new homeowners, navigating tax season may be confusing. A great way to get ahead is to engage an accountant shortly after closing to gain knowledge on what receipts should be saved for later.

• Equity matters! With each payment made towards the mortgage, homeowners build equity. In simpler terms, this means that the percentage of the home “owned” by the resident increases with each mortgage payment. That growth can then be used as leverage in obtaining loans for home improvements that may come later. Equity can also be used for other loan items such as higher education!

• Because real estate continues to offer consistent financial returns, a homeowner can look toward resale with confidence. The idea that your living space is working, financially, for your future is very reassuring. Of course, the thought of selling is often far from a new homeowner’s mind, but it is nice to know that the investment will have a positive financial return in the years to come.

• When renting property, there is always underlying knowledge that a move may be in one’s future. Whether it is a landlord opting out of a lease renewal, falling out of love with the location, or unfriendly neighbors there is always potential for packing boxes again.  Purchasing a home eliminates that stressor as it offers the opportunity to toss out those unpacked boxes, never to be used again.

• For homeowners, renovations, inside and out, are only limited by imagination. Have you always wanted dark green accent walls? Maybe a sprawling vegetable garden is on your wish list. As a homeowner, anything is possible, and updates do not come with the worry of an upset landlord or lost security deposits.

• For many people, pets are incredibly important as they offer companionship and unconditional love. These furry family members may not be welcome in rental properties or, if so, require costly deposits. Adopting a pet is common for new homeowners as it signifies the final piece of home happiness.

• Connections count! Living within a community has many benefits, including the ability to rely on fellow neighbors for support. Homeowners aim for beautiful, safe surroundings and build lifelong friendships as they pursue that goal side-by-side. Many neighborhoods host social events or offer volunteering opportunities - both terrific ways to bond with those surrounding you and further enrich your life.

• Selecting the perfect location to purchase a home can be tricky, especially for those relocating to a new area. A great realtor will tap into their client’s wishes and dreams to show homes that check the most wish list boxes, starting with location.

• Understanding a buying budget is critical as there are typically costs associated with a home purchase that are not found with a simple online scroll. Discovering a property's true “bottom line” is critical in determining if will comfortably fit within financial parameters.

• As the home search narrows down, the negotiation phase begins. Having a real estate team behind this process makes it much more palatable for the buyer.

Purchasing a home is a wonderful culmination of hard work and achievement. “Home” is a place that will be filled with memories that will be passed down from generation to generation. Homeownership offers personal and financial security, but it also creates a cornerstone. Reach out to the team at Hart & Olive today to start building your future through homeownership.