Home Ownership:

Owning your own home is something that each and every person dreams of no matter who or where they are. The satisfaction that your personal home can give you, irrespective of how big or small, is something that you cannot get from the best of rented or leased homes. In fact, in America, home ownership has the same kind of importance that is given to the right to freedom and liberty.

Rights that come with Home Ownership

  • Homeowners have the right to do whatever they wish with their homes even after their death. They can choose to leave it to their heirs or for that matter to anyone they desire.
  • A homeowner has complete freedom to rent or lease his home or any part of it to whoever they desire, provided there is no discrimination based on race. They even have the right to regularly inspect their property to see that it is being used and maintained properly.
  • You can sell your home or use it for any purpose (as long as it is not illegal) and even restrict the use of any natural resources available on your property.

Responsibilities of Homeowners

  • You have to follow the zoning regulations that apply to your property. If your home is in a residential only zoning area, then you cannot use it for commercial use, unless it is something like a freelance home business that will not alter the residential neighborhood.
  • You can renovate your home as you wish, but you have to stay within the building codes that govern the plumbing, electrical, and various other systems.
  • An easement is giving others the right to use part of your property. For example, if some electric lines have to run through your property, then you have to allow the power company to have an easement on your home.
  • You can use your home as you wish provided that your neighbors are not disturbed by you making too much noise at unreasonable hours and you are not interfering with them enjoying their own homes.

Home Ownership Tax Benefits

  • If you have a mortgage on your home and are paying mortgage interest, then you are entitled to mortgage tax breaks.
  • If you have purchased your home with a home loan, then a certain portion of your interest payments are totally deductible from income tax.
  • All taxes paid as property taxes are deductible from your income provided these are actually paid and not held in escrow to be paid at a later date.
  • Any expenses incurred as selling costs, or to make your home more saleable, are deductible from your income.

Home Ownership Status

  • If yours is the only name that appears on your home deed, then you have complete single ownership of your home.
  • If you have bought your home along with your parents or say a spouse to qualify for a home loan, then the parties whose names appear on the home deed have a joint ownership in the property.
  • If you live in a condominium complex or an apartment building or any other kind of community environment, then although you have single ownership of your own home, you also have a shared ownership in the community complex, and as a shared owner are equally responsible for any repairs, maintenance, and general running of the common shared amenities, which might include a swimming pool, a gymnasium, grounds, common entertainment facilities, etc.

Home ownership is typically given a lot of importance and homeowners are generally allowed to do whatever they wish in their homes. While their rights are exclusive, they are not absolute. All homeowners should take care of their legal responsibilities towards their homes as well as their neighbors, so that they can enjoy their homes and at the same time not worry about having to be involved in any legal battle with regards to their home ownership.

 

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