Personal Finance

7 Reasons to Give Thanks for Your Home

Celebrate the benefits of home ownership on National Roof Over Your Head Day

Don Milne Dec 1, 2017

Are you thankful you could spend Thanksgiving with loved ones? Are you thankful that all the Thanksgiving leftovers are gone? Are you perhaps secretly thankful that Thanksgiving is in your rearview mirror?

Most of us can come up with a long list of things we are thankful for. One item on most everyone’s list is having a place to call our own. December 3 is National Roof Over Your Head Day.

Here are 7 things to be thankful about having a roof over your head:

  1. When you rent you are paying for someone else’s roof. When you pay a mortgage payment on your home, only the interest goes to someone else — the rest stays with you in the form of home equity ownership.
  2. Most people have a fixed-rate mortgage. That means that regardless of inflation, your principal and interest payment doesn’t change. Compared to renting, where rents could rise every year, that makes for some significant housing savings.
  3. Having equity can help you get out of debt faster.
  4. You get to decide what your house looks like. You can paint a mural in your child’s bedroom, remodel your kitchen, build an American Ninja Warrior obstacle course in your backyard, maybe even build a ski jump on your roof (or not). A home equity credit line could make that dream come true.
  5. Your tax advisor would be quick to tell you that your mortgage payment can be a tax deduction. Paying rent is not a tax deduction. Who doesn’t like paying less taxes?
  6. With infrequent exceptions, the value of your home goes up over time. You are literally making money while you sleep.
  7. You have a place for Santa to land his sleigh on Christmas.

One last thought we can contemplate as we think about having a place to stay: there are still many who might have to rely on a homeless shelter to keep out of the weather. Others might struggle to come up with funds for housing, leaving them struggling to cover other basic necessities.

Recently Zions Bank employees participated in a food drive and raised more than $38,000 for local food banks. In this season of giving, think about including The Idaho Foodbank and the Utah Food Bank on your giving list.

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