carrying on a trade or business or in an activity engaged in for the production of income. In other words, if you are living in your home, you can only claim up to $10,000 in tax deductions on your property, but if you are earning income directly from your home in some way, the limit might be waived. Comparatively lower lending rates on mortgages. Though subject to fluctuation, mortgage rates often remain more favorable than other types of loans. Even in periods of higher rates, mortgages typically offer more competitive interest rates than personal loans or credit cards. This aspect of home financing can make homeownership financially advantageous, providing a more affordable route to building equity than other borrowing options. Ownership rights and creative freedom. Your decorating and home-improvement choices are yours, provided they don’t break building codes or violate homeowners’ association rules. You can paint walls, add fixtures, update or finish your basement, or build a patio or deck. Changing your environment to suit your whims is a freeing aspect of homeownership. A sense of belonging to the community. Homeowners stay in homes longer than renters and are more likely to grow roots. They might join a neighborhood association, volunteer at a nearby community center, join a school group, or align with a business improvement district. Renters might not do any of those things, mainly if they know their lease is up in a year, and they might move. An intangible pleasant feeling is attached to owning your own house — a sense of freedom and independence. Your home belongs to you, and you can do what you want with it. You aren’t daunted about increases in rent or losing the lease. You’re free to make improvements and changes. Also, owning your home gives your children the guarantee of attending the schools in the area more permanently; you never need to worry about a notice from the landlord to vacate your
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