Today’s Topic: Benefits of Home Ownership
Anyone reading this is probably on board with the benefits of owning a home. I won’t speak to the improved quality of life home ownership provides but rather my area of expertise – the net tangible financial benefits. Owning a home can provide those benefits in three ways:
Equity from monthly payments
o On a 30 year loan your payments generate 2% – 5% equity per year. After 5 years in the house your payments will have paid down the note by about 10%
o On a 15 year loan your payments generate 5% – 9% equity per year. After 5 years the note will have been paid down 27%
Equity from appreciation
o I’ve looked at several neighborhoods around the metro and there can be some pretty dramatic ups and downs from year to year but over time (10-20 years) you can expect a 2.5 – 3% increase in home value per year. The time frame I looked at includes the “Great Recession”
o When you buy a home you can deduct:
- Property Taxes
- Mortgage Insurance (income limits apply)
o You do, however, have to have enough deductions to itemize. When you itemize you can also count other deductions (state taxes, charitable giving for example)
I tell my clients that you have to live somewhere. When you pay rent you’re paying someone else’s mortgage. When you own a home on a 30 year loan you can expect to add about 5% per year of the home’s price/value to your balance sheet. So for every $100,000 of home you own 5 years will add about $25,000. Home ownership is the #1 wealth builder in the country!!
(Provided by Tom Davies and Taylor Ortiz)
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Mortgage Loan Officer for Edmond Mortgage
2575 S Kelley Pointe Parkway Suite #180, Edmond, OK 73013
Who do I call if I have questions regarding city park plans? Do I live in Edmond? Where can I find out info about zoning? Who are our Edmonds elected officials? What is going in at Covell and I-35? Those are just a few of the questions that we received the answers to during our lunch at the Edmond Chamber. Plug in to Edmond was one of the most informative lunch and learns I have ever attended. Toni Weinmeister from Edmond Economic Development Authority, EEDA, and Casey Moore with the Edmond Chamber of Commerce informed the group of many exciting new changes and additions for the city of Edmond.
Here are just a few of the fun facts we learned:
- 33rd and Broadway is the busiest intersection in Edmond! The city of Edmond is starting a expansion of that intersection in the Spring. So BEWARE, I’m sure it will be crazy with the construction going on but will only help the traffic in the long run.
- Mayor and City Council- Charles Lamb is our Mayor, if you didn’t know, and the City Councilmen are Darrell Davis, Elizabeth Waner, Nick Massey and Victoria Caldwell.
- Population estimate of Edmond in 2013 was 84,524 and for Oklahoma City it was 1,303,109
- We have more than 30 parks or outdoor venues in Edmond. That’s so cool!
- The sales tax we pay is what funds Edmond. Go eat and shop in Edmond! The city is working on giving us more options to choose from so we can support our great city.
- Want to find out what the open field behind your home is zoned? Go to EEDA.com and click map room.
- The total annual income for Edmond’s city limits is estimated to be more than $3.2 billion.
- More than 100,000 college students are within a 45 minute drive of Edmond.
- In 2013 4,149 existing homes were SOLD and 613 new home building permits were issued!
Go to EEDA.com for a ton more information or go to EdmondOK.com. You can find answers to all the questions above plus more, it is ALL on their websites! Below is map, with the boundaries of Edmond and all the NEW projects in process.
Here is just a quick list of a few exciting events going on this month! There is still plenty of time to pick one or two places to try out.
The RED Team picked a few of their favorites to share with you…
- Free Fall/Halloween Costume Photo and treats on Oct. 31 from 2:30-4:30PM at 13301 Cedar Trail in The Oaks
- Oct. 23 the Cox Center presents “Casting Crowns” for more information go to www.coxconventioncenter.com
- Oct. 24 the Science Museum Oklahoma presents “A Bright Night of Not So Frightening Fun” at 6PM, go to www.sciencemuseum.org for more information
- Oct. 24-26 the Oklahoma State Fair Grounds presents “Affair of the Heart”, go to www.aaoth.com for more information
- Go grocery shopping at the new Natural Grocers in Edmond
- OU and OSU football scattered throughout the month
- Oct. 26-31 The Oklahoma City Zoo presents “Haunt the Zoo” at 6:30PM, go to www.okczoo.com for more information
- Multiple Churches are opening their doors for “Trunk or Treat” Google one closest to you!
- Oct. 26 Reason to Believe Ranch presents “Fall Family Fun Fest” from 2-5PM
- Oct 23-20 Arcadia Lake presents “Storybook Forest” from 5:30-8:30PM
- Oct. 11-18 Just Between Friends Children’s Consignment Sale at the Cleveland County Fairgrounds from 7-9PM, go to www.norman.jbfsale.com for more information
- Multiple Pumpkin patches are open in October. Google one closest to you!
- Oct. 17 the Oklahoma Children’s Theatre presents “Monster Mash” from 6-9PM, go to www.oklahomachildrenstheatre.org/fridayfunnightpage/fun-extras for more information
- Oct. 17-19 the Civic Center Music Hall present “Cinderella” at 8Pm or 2 PM, go to www.okcballet.com for more information
- Oct 29 Penn Square Mall presents “Mall-o-ween” from 6-8PM, go to www.simon.com/mall/penn-square-mall for more information
- Oct. 31 For a LONG list of activities go to www.metrofamilymagazine.com/fall-fun-guide
- Go to www.Sliceok.com also offers another LONG list of intriguing things to do this month
Please share your pictures with us on FACEBOOK if you get to attend any FALL events in the Edmond or Oklahoma City Metro area!
It is that time of year, Fall is here and Halloween is right around the corner! Save the date October 31st from 2:30-4:30pm at our beautiful listing in The Oaks. 13301 Cedar Trail Oklahoma City, OK 73131. The Oaks is located off of Eastern just South of Memorial Rd. Enter The oaks and turn left of Oaks Way and follow it around to Tow Bridge. Turn left on Two Bridge to Cedar Trail. You will see the property at that stop sign. Bring your friends and family to come get a free fall picture. We cant wait to see you there. We look forward to this event every year!
For more info on the Cedar Trail home go to www.realestateinedmond.com.