Four Excellent Reasons to Buy a Home So You Can Get out of the "Renting Rut"
Renting a home is a good option for some, but buying a home just might be the best thing for you. When you rent a home, you send money to someone else every month in exchange for knowing that you can call on the property owner when the roof leaks, an appliance stops working, or your bathroom faucet breaks. There are some big advantages to buying and owning a home, and doing so will help you get out of the “renting rut” and allow you to focus more on the future.
Did you know that when you rent a house, you help someone else build equity? Any changes that you make with the property owner’s approval just put money back in his or her pocket. Keeping the yard clean and taking care of routine maintenance builds equity in that property. When you buy a home of your own you have the chance to build equity of your own, which you can use to buy a larger home, if you so choose.
Save on your taxes
When you rent a house, you cannot deduct that rent on your taxes. Though some states, not Texas, will let you make a small deduction based on the total amount you spend in rent each month, you cannot make any deductions on your federal taxes. When you buy a home, you can save with several different types of deductions. The federal government lets you make a deduction if your home is worth more than what you currently owe on your taxes. You can also deduct money that you spend on some renovations and energy saving appliances.
In Texas, you may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes. A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.For example, if your home is appraised at $100,000, you qualify for a $15,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $85,000. Taxing units have the option to offer a separate exemption of up to 20 percent of the total value. See the following Texas Comptroller site for more details:http://comptroller.texas.gov/taxinfo/proptax/exemptions/residence_faq.html
Put your personal touch on things
As long as you continue renting you live in a house that belongs to someone else. The property owner has final say over what you do and do not do. This often means that you cannot make repairs or significant changes without seeking approval first.
Owning a home lets you put your personal touch on things. You can paint the walls any colors you want, rip out the carpet to add hardwood flooring, build a “Man Cave” or a “she Shed”, or even make significant changes to turn your new home into your dream home.
Five-star customer service experience
Now that you know more about some of the benefits of buying a home, and how that purchase can get you out of the “rental rut”, turn to the Trusted Advisors | REALTORS® at Martin Real Estate Advisors to help you find your dream home. Call or text 469) 262-5411 to find out more about the Martin Real Estate Advisors home buying process and why you want them representing you.
Author:Annette Bruen Phone: 972-977-3221 Dated: August 8th 2015 Views: 807 About Annette: Before making the move to help families realize their real estate dreams, Annette made her professio...