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If you’re a first-time home buyer, we think you’re going to LOVE the perks and rights of homeownership in Texas. Following are some benefits of owning a home in the Lone Star State.
Tax Deductions for Homeowners
The IRS has lots of rules about tax breaks available to homeowners. Here’s a summary of the most common:
- Mortgage interest – If you have a mortgage on your home, you can lower your taxable income by deducting your mortgage interest. This is also true for home equity loan interest, if the home equity loan was used for home improvements.
- Discount points – If you purchased discount points to lower the interest rate on your loan, you can deduct the cost of those points.
- Property taxes – You can deduct property taxes from your taxable income.
- Necessary home improvements – The cost of some home improvements is tax deductible if the IRS defines the improvements “necessary.” Qualifying home improvements may include installing medical equipment, widening doorways, or adding railings.
- Home office expenses – If you use a home office for regular and exclusive business purposes, the IRS may allow you to deduct some of the expenses of maintaining that space.
- Capital gains – A capital gain would be the difference between the value of your home when you bought it versus what you sold it for. If your home is your primary residence for at least two of the last five years, you may get to keep some of that profit without paying capital gains tax.
Of course, you should consult your tax professional about these matters.
Texas Homeowner Rights: The Right of Control
Owning your home gives you the right to control what goes on inside it and on the property around it. Decorate in your style! Put up wallpaper, hammer nails into the walls, and paint in all your favorite colors!
Adopt pets, start a cottage business, plant a garden, build a treehouse—the space is YOURS! (Just make sure to abide by local ordinances, HOA restrictions, and the law.)
Texas Homeowner Rights: The Right of Exclusion
As a homeowner, you have the right to choose who comes on your property and who lives with you. Some obvious exceptions include:
- Emergency personnel responding to an emergency situation
- Law enforcement with a legal warrant
- Utility company employees providing service, repairs, maintenance, etc.
You’ll be free of landlords having keys to your property or maintenance workers showing up at inconvenient times. Invite who you wish, and exclude who you don't. Schedule your own service and maintenance. You’re in control now!
Texas Homeowner Rights: The Right of Disposition
You can “dispose” (sell or transfer) your property to whomever you choose. Leave your home to someone in your will. Transfer ownership to another person. You can even choose to rent out your home!
You’re no longer tied to the terms of a lease! If you need to move for any reason, you have options.
It goes without saying that if you have a mortgage, you will be required to pay that balance before transferring ownership of the home. And you should always check with your HOA (if applicable) to see if there are any restrictions on rental properties.
If you encounter situations where you’re unsure about your property rights, you should contact an attorney to answer questions from a legal standpoint.
Appreciation
Appreciation is the increase in your home's value over time. There are several reasons that residential real estate in Texas tends to be a good investment:
- Texas limits home equity loans to 80% of a home's equity, which protects Texas homeowners from owing more on their homes than they're worth. Historically, that rule has protected Texas real estate values during recessions when other states see an increase in foreclosures and therefore a dip in property values.
- Texas has historically had a steady growth in population, making it an attractive state for real estate investors. This has, historically, helped insure that homes in Texas tend to increase in value over time.
- Texas boasts a vibrant and diversified economy that is fueled by a large range of industries. This helps stabilize the housing market, providing a foundation for healthy real estate appreciation.
As you can see, there are many great benefits to owning your home in Texas. If you've already made that purchase, congratulations on an excellent decision! If not, book a New Home Tour with us today, and let's start your journey to homeownership.
