Hello Guest, Log in!
0 item(s)

To own or not

Posted by Admin on 1/7/2021

The gutters are leaking, septic tank needs to be pumped, patio is cracking and sinking, the windows are sweating, the wood deck needs help…… So what is the good part about home ownership? Starting out on your first home can be a very daunting adventure, not for the weak-at-heart, especially if there is a lot of work to be done. It takes a driven person or persons to take on the task of home remodeling, especially if you are the ones doing the work and double that if you are living in the mess!

Probably the biggest advantage of owning your own home is the potential financial gain. History has shown that real estate will provide substantial gains over time. There have been dips in the market but over the long haul, the values will gain. Along with the value increasing, there is the advantage of tax deductions on the interest paid and no income tax on the profit made at the time the home is sold, in most cases.

Another incentive to own your own home is the freedom to do with it what you want. You can remodel at will, add a pool, build a deck, etc. Taking pride in your property is a very positive attribute in the adult world. You are free to have gatherings at your house, live out of town, choose the neighborhood that you want.

Doing the work yourself can save an enormous amount of money, if you have the skills to do the work in a way that increases the value and livability of your home. It is becoming more and more favorable to have at least some basic skills in your home maintenance arsenal. Those shop classes in high school can come in real handy on your property, as well as a seasoned relative or neighbor who has some knowledge. My best teacher was not a “teacher” in the certified sense, but still created a learning environment which I have built on ever since. In that line of thought, trade schools are becoming more and more prevalent, learning an in-demand trade can be financially rewarding. Also, one positive thing about the internet, a person can research just about any home project and get some great ideas and how-to knowledge.

So when you think you are ready to take the plunge, take a deep breath go for it! You will be glad you did.