Eight Benefits to Owning a Home

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Owning your own home offers a number of benefits over renting a house or apartment, and is a long-term goal for many people. While the initial cost of owning a home may be high, this cost is accompanied by some major advantages, both financial and personal.

Pride of Ownership – One of the largest benefits of owning your own home is the pride you will feel about owning. Unlike renting, your monthly payments will go not to a landlord, but towards the ultimate ownership of your home.

Retirement Savings – Long term home ownership provides financial security for retirement through the growth of equity, and the ability to live rent-free once you own your home free and clear.

Appreciation – Historically, the average value of homes appreciates yearly, meaning your home’s value increase with each passing year. This is an advantage if you ever decide to move, as you can sell your home for a profit.

Stability – Rental rates fluctuate far more often than mortgage interest rates, which make owning your home a more secure option in terms of future pricing.

Tax Deductions – As long as your mortgage balance is smaller than the selling price of your home, the interest payments you make are entirely tax deductible. This is a major tax advantage for homeowners that renters do not receive.

Property Tax Deductions – Any taxes you pay on your property can be written off as a tax deduction.

Tax-free Profit – In the event you sell your home, you do not have to pay any taxes on the profit that you make, up to the federal limit. The current capital gains laws allow you to exclude up to $250,000 in home-sale profit from your taxable income ($500,000 if you file jointly).

10 Home Buyer Moving Tips

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Moving can be just as frustrating as it is exciting, and you may find yourself feeling overwhelmed as you make preparations for the transition. However, you can reduce your stress and make the entire moving process run more smoothly by following these ten helpful tips.

Downsize first

Get rid of any belongings you no longer need before you begin packing, to reduce the amount of things you need to move.

Pack One Room at a Time

Start with one room in your current home and finish packing it before moving on to the next. This will keep you focused and make unpacking at your new home easier. Label each box with the name of the room in, which it belongs, so that you can put each box in the appropriate room while unpacking.

Follow the 30 Pound Rule

Keep each box under 30 pounds to avoid injuries when lifting, and to prevent the bottom of the box from bursting open.

Create “Open First” Boxes

As you pack each room, place essential items that you will need right away into separate boxes labeled “Open First.” This way, these items will be easy to find at your new home. Pack these items last, but don’t forget to use separate boxes for each room.

Utilize Towels and Clothing

To reduce the number of boxes you need, use towels and clothing to cushion fragile items; using these items instead of newspaper or bubble wrap means you’re packing more personal belongings into one box.

Label Cords

To keep electronic cords from getting mixed up, label each cord with the name of the device to which they belong, and, if possible, use painter’s tape (which doesn’t leave sticky residue) to tape the cords to their respective devices.

Mark Fragile Boxes

Use the darkest marker you can find to mark boxes with fragile contents. This will ensure movers see that the contents of the box are fragile, and will hopefully handle the boxes accordingly.

Stack Boxes by Weight

When stacking boxes in the moving truck, place heavy boxes on the bottom and light boxes on top to prevent crushing.

Use the Best

If using a moving company, be sure to use a company that is reputable and well reviewed by other customers. Do not trust a company with a bad reputation to handle your possessions.

Change Your Address

Notify the United States Post Office of your upcoming move 30 days prior to moving to ensure your mail is sent to the correct address. You can do this online in just a few minutes by clicking here. Update your address for all other companies and your friends or family as soon as you’ve completed the move.