If you have been considering buying a home in Knoxville or anywhere else but are not quite sure if you are ready to pull the trigger, you might be interested in learning about some of the great things about owning your home!
Tax Benefits
One of the great advantages that comes with buying a home in Knoxville is the tax benefits that you can enjoy. When itemizing your deductions, you are able to deduct mortgage interest, private mortgage insurance payments, and property taxes of up to $10,000. This has the potential to reduce your overall tax burden considerably.
Appreciation
Even though the real estate market can fluctuate in both directions, real estate is a good long-term, stable investment overall. Buying a home in Knoxville offers a much better return on your investment than other large purchases, as its value will appreciate over time. Other large ticket items, such as cars, will start to depreciate value the moment you drive it off the lot! It is not at all unusual to be able to purchase a home and sell it for close to double what you paid 25 to 30 years down the line.
Savings & Credit
As a homeowner, you will build equity without too much effort. That's like having a ready-made savings plan! Once you decide to sell the property, you may be able to exclude up to $250,000, or $500,00 for married couples, of profit without having to pay federal income tax. It is also possible to cash in on your equity either by refinancing your home loan or taking out a home equity line of credit. Lenders will not usually put restrictions on what you can spend this on, so it could be utilized for anything from remodeling your home to consolidating your debts or maybe even starting up a small business!
Stability
When you become a homeowner, you get the peace of mind and stability of having a fixed mortgage payment each month. Unlike rent payments, your mortgage is not affected by market fluctuations and should remain at a constant rate. Another reason that buying a home in Knoxville can offer more stability for your family is that you are no longer at the mercy of your landlord, who can decide to increase your rent, evict you, or terminate your lease at any time! As a homeowner, you can relax and be safe in the knowledge that you are the one in control of your housing.
You Get to Lay Down Your Roots
When buying a home in Knoxville, you are not only investing in the property itself, but you are also making an investment in the neighborhood. You get the sense of pride and belonging that comes with being part of a community. When you buy a home, you are making a commitment to stay in one place. It's a lot more challenging to move as a homeowner than if you are renting an apartment! It's a chance for you to lay down some roots, which is perfect for those who are thinking about starting a family.
Freedom to Create a Home
After buying a home in Knoxville, the property is yours, which means you get to decide how to decorate and furnish it! You won't be bound by a landlord's requirements. You can choose to make upgrades and renovations and create a home that reflects your sense of style and your personality. You'll be able to choose wallpaper and paint colors, lay new flooring, convert the attic space into an additional room, and more! You can have pets without entering into a contract or paying an extra fee to cover potential damage. The choices are yours, and you won't need to wait for permission - outside of necessary planning permission, of course! It is worth noting that if you purchase a property that is part of a homeowners association or HOA, there may be some restrictions on what you can do with the property's exterior, but you should still have free rein inside! Just be sure to review the contract before putting in an offer to make sure you agree with the HOA restrictions; otherwise, you may be in for a nasty surprise.
If, after reading some of the benefits that are associated with buying a home in Knoxville, you think you might be ready to take the next step, we would love to hear from you. Wright Realty offers a unique holistic approach to real estate that lets us guide you through the process of buying your first home. We always have our customers' best interests at heart and believe that real estate is more than just a transaction - it's helping you to build a home!
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Wright Realty is a full-service real estate concierge with a wholistic approach to buying and selling property in East Tennessee. We are your trusted advisor and keep open communication throughout your entire buying/selling process. Real Estate done "Wright" means more than just a 'transaction'.
Finding Your Property the "Wright" Way!
Visit www.realtydonewright.com or call 865-556-8599
