Home Ownership for Veterans .pdf
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Home Ownership for Veterans –
Is It Worth It? Depends…
To purchase or not to purchase? That seems to be a consistent question among
U.S. veterans. When frequent relocations have been such a regular part of life, it
can sometimes be difficult to understand the benefits of home ownership.
So, the question is, is owning a home worth it? The answer is – it depends.
Determining whether purchasing a home is best for you depends on several
factors. Here are some things to keep in mind as you contemplate becoming a
Home ownership is a great option for people who plan to stay in the home for
several years. It takes roughly 5-7 years to break even on a home purchase,
after including the costs to purchase the home, and sell the home. If you sell too
early after purchasing, you could end up losing money.
In general, housing prices tend to go up over the long term. But, if you plan on
moving in a year or two, renting is probably a better financial decision. When you
purchase a home for short-term occupancy, you run the risk of short-term market
fluctuations decreasing the selling price of your home. If you are only holding on
to a home for a few years, you are more susceptible to market turns and might
have to sell at a loss.
Home Ownership Tax Considerations
Owning a home is a great benefit when tax season approaches. All the money
you have paid towards interest in your mortgage payments is considered a tax
write-off. That means you can deduct the amount of interest you paid from your
gross income, which effectively lowers the amount of taxes you’ll be required to
pay. For some people this is a huge benefit, and could be a great reason to
consider buying a home.
However, if the amount of interest you’re paying doesn’t exceed the standard
exemption amount, currently $6,100 for individuals and $12,200 for married
couples filing jointly, you may not see much benefit.
Maintenance and Repairs
Many people want the ability to customize their home as they see fit. From
renovations to landscaping, many people love having the final say in the look and
feel of their property.
With so many older homes on the market, it can be undesirable to rent a home
that does not appeal to your tastes. On the other hand, many people choose to
rent simply because they don’t want the financial commitments and time
requirements associated with maintaining a property.
When you purchase a home, you’re responsible for everything – from a leaky
roof, to a broken water heater, to a flooded basement. If you are handy around
the house or don’t mind paying for a professional handyman, home ownership is
a good option for you. If you feel more comfortable simply calling the landlord
when something goes wrong, you probably should consider a rental property.
Owning a home comes with many advantages, but it may not be for everyone.
Do your research to determine which path is best for you.