2018-02-27T13:01:00
(BPT) – How important is professional advice when it comes to small businesses’ tax preparation and marketing? How do owners of thriving small businesses describe their workplace? Check out the 2018 Small Business Report by the numbers, based on a recent Staples study, for more on the current state of small businesses, and how most small business owners feel about the future.
2018-02-19T11:03:00
(BPT) – As you know, February is recognized as Black History Month. This is an opportunity to reflect on all of the brave African-American men and women throughout our country’s history. As the Purple Heart Foundation is a veteran service organization, we wanted to reflect on African-American military service throughout history. Specifically the service of one man, Henry Johnson. Henry Johnson may not be a familiar name, but he courageously served this country and was a true hero.
Henry Johnson was born in July of 1892 in North Carolina, later moving to New York. On June 5, 1917, Johnson enlisted in the U.S. Military. He originally joined the all-black New York National Guard (369th Infantry Regiment). He later served as a U.S. Army sergeant in the first African-American unit of the U.S. Army that engaged in combat during the First World War.
Prior to serving as a sergeant, Johnson and the 369th Infantry joined the 185th Infantry Brigade in France. Exactly one year following Johnson’s enlistment, the 185th Infantry Brigade he was with was assigned to the 93rd Infantry Division. Due to apparent racism and disinterest of the white U.S. soldiers, those who had made up the 369th were “loaned” out to the French Army. As Johnson continued to serve, his bravery was more than apparent.
While serving on sentry duty for his company in the Argonne Forest, he ended up fighting off a large German raiding party that was attempting to break through the line. Despite suffering 21 wounds, Johnson was able to kill four German soldiers, wound many others and rescue a wounded comrade. Word of his courageous actions traveled quickly. The French government awarded Johnson the Croix de Guerre, which at the time was France’s highest award for bravery. Henry Johnson was the first American to have received it. Following those events, and for the entirety of his service, Johnson was referred to as one of the five bravest Americans to have served in World War I by Theodore Roosevelt, Jr.
It’s extremely unfortunate that racism and the mistreatment of African-Americans were so prevalent during the time of Henry Johnson’s incredible service. There was an arduous struggle to achieve U.S. military decorations for Johnson. Interest in obtaining proper recognition for Johnson grew greatly after the fact. In November of 1992, a monument was erected in his honor in Albany, New York. Johnson was awarded the Purple Heart in June 1996. A few years later, in 2003, Johnson was awarded the Distinguished Service Cross, the Army’s second highest award for valor. On May 14, 2015, the White House announced that Sgt. Johnson would receive the Medal of Honor. Former President Barack Obama presented this medal, stating, “The least we can do is to say, ‘We know who you are, we know what you did for us. We are forever grateful.’”
That is absolutely true. We remember who you are, Henry Johnson. We recognize the heroism and bravery that you embodied as you served this country. And, we are forever grateful for your service. It is thanks to the dedication of brave men and women such as Henry Johnson that we are free. Here at the Purple Heart Foundation, we are committed to honoring all of our heroes. It is our goal to make the transformation from the battlefield to the home front a smooth one for all of our men and women in uniform. Show your support by making a one-time or monthly pledge to ensure they continue to receive the support and benefits they deserve.
2017-12-26T06:01:00
(BPT) – With student debt increasingly becoming a long-term burden on graduates and families, says Peter Gayle, a vice president for Prudential Advisors, it’s never been more important to minimize the out-of-pocket expenses to put a student through college — and reduce reliance on student loans.
To put the weight of student debt in perspective, The Federal Reserve Bank of New York noted that in 1995, 54 percent of graduates had loans averaging $11,491. It’s more recent data in 2015 showed 71 percent of graduates joined the workforce with student debt averaging slightly more than $35,000. What’s more, the Federal Reserve Bank of New York estimates 25 percent of those who owe federal student loans are delinquent or in default.
The good news is that anyone willing to put in the time can likely find programs that help foot the bill — helping to reduce the need to take out loans — so a student’s education won’t break the budget or jeopardize a financial future. According to Gayle, families can take a few initial steps before choosing a school:
* Learn how the financial aid process works and get the most out of options that don’t need to be repaid.
* Understand each school’s actual net price — after financial aid — and set realistic expectations, choosing from the most affordable institutions.
* Explore types of financial aid, including grants, work study programs and scholarships; examine the specific types of aid available per school and find out how much of a family’s demonstrated financial need each school will cover.
* Understand the kinds of loans available, including a variety of federal loans and private loans, which may be used to fill any financing gaps after exhausting other options.
* Understand how parents’ “available income” is used to calculate how much parents are expected to contribute to their child’s education, especially for federal financial aid purposes.
Several guides, including Prudential Financial’s www.prudential.com/payingforcollege, can help families take a carefully considered approach to financing a college education while safeguarding a student’s long-term financial future, including the ability to save for retirement.
For families that must use student loans, the federal government is making it easier to understand how to borrow, process applications and repay loans through new online tools. Since 2010, all new federal loans, except Federal Perkins Loans, have been issued through the U.S. Department of Education, which offers information about borrowing and repaying loans.
There are multiple options to repay federally funded student loans, which generally require repayments to start six or nine months after a student graduates, leaves school or drops to half-time enrollment. A few popular choices for repayment include types of income-driven plans, which calculate payments based on a borrower’s ability to repay. One catch: It’s critical to re-certify income and family size annually to avoid huge monthly payment increases.
When debt becomes too burdensome, some loan programs offer forgiveness through public service, federal government employment, and options like teaching in underserved school districts.
Private loans are trickier since there is no standard: Interest rates and repayment terms vary from lender to lender. It’s also worth considering the need for life insurance to cover the full loan balance to aid co-signers or beneficiaries in the event of the borrower’s death, says Gayle. Financial advisors would be well-equipped to help explore this and other options, Gayle notes.
Employers are also beginning to offer employee student debt benefits to put their employees on a course for financial security. At Prudential Financial, for example, new employees hired through the company’s campus recruitment program beginning in January 2017 could earn an incentive of up to $5,000 toward paying off student loans after one year of service. Other companies match student debt payments with contributions to employee retirement savings plans.
Studies show college education can be worth the price. The U.S. Census Bureau estimates that students who attend college can earn nearly twice as much over their lifetimes as those with only a high school diploma. But with college tuition continuing to rise, families must find the most effective way to finance a child’s college education to avoid jeopardizing their ability to save for retirement.
“Prudential Advisors” is a brand name of The Prudential Insurance Company of America and its subsidiaries located in Newark, New Jersey.
2017-12-18T06:01:00
(BPT) – Traveling but worried about being disconnected? Don’t worry, you aren’t alone. In fact, plenty of other road warriors are making sure their devices are packed and ready to go so they won’t miss a beat.
Intel(R) recently conducted a survey with YouGov to learn more about the tips and tricks connected road warriors use to keep up with email, entertainment, news and more. According to the survey, connected road warriors (69 percent) admit they always bring their mobile computing device on vacation, and nearly 1 in 3 (32 percent) indicate it makes them nervous to travel without their device.
Regardless of where they are, road warriors continue to demand strong performance and have high expectations for consistent, reliable and accessible connectivity. Seven out of 10 road warriors (71 percent) get frustrated by lagging internet performance and poor connectivity speed. And over half (55 percent) admit that the inability to quickly load pages (emails, web pages, etc.) is a top computing-while-traveling pet peeve.
Whether going to grandma’s house, a beach or a ski slope, chances are these road warriors will be looking to connect. Nearly 2 in 3 road warriors (65 percent) admit doing something extreme in order to connect their mobile computing device to the internet. Eight in 10 (81 percent) report they have connected to the internet in an unusual spot. Restaurants (60 percent) are the most commonly reported location, while nearly 4 in 10 share they have connected in a parking lot. Others report connecting at a park, beach, bar, the side of the road or at a rest stop.
While some people may still want to stay on top of work, being connected is about more than getting through your to-do list. Email may still top the list of favorite activities (90 percent) when connecting on the go, but entertainment is also popular. More than half (53 percent) say they mainly connect for entertainment like streaming and gaming.
The good news is that there are plenty of devices available today that offer great performance and great connectivity for computing on the go. The latest Intel(R)-based mobile devices are fast and responsive and come in a range of connectivity options for you to choose — Wi-Fi, tethering or always-on 4G LTE — so you can power through email or get lost in a 4K-resolution movie from a coffee shop, library, beach or grandma’s house. Powered by the latest Intel processors, these devices run all of the most popular apps for work and play and connect seamlessly with other devices:
* Samsung Galaxy Book 12 – Currently available via Verizon, this 2-in-1 PC comes with an S Pen and keyboard that connect instantly and never need charging, plus lightning-fast LTE and Wi-Fi connections so you can be creative, productive and connected, no matter where you are.
* Google Pixelbook – Google’s high-performance Pixelbook is its thinnest Chromebook ever. It features a built-in Google Assistant, a Pixelbook Pen, amazing battery life and Instant Tethering, which allows people to access their phone’s data connection even when without Wi-Fi.
* HP Spectre x360 – The ultra-slim convertible laptop has high-end power, a digital pen, long battery life, increased security features and a 4K display in addition to Wi-Fi connectivity, offering endless versatility.
* Lenovo Yoga 920 – This Wi-Fi-enabled 2-in-1 intuitive convertible laptop offers voice-activated support, a digital pen option, top performance and speed, and a 4K screen. Its Constant Connect feature downloads emails, plays music and receives Skype calls — even in standby mode.
If you’re hitting the road this season, consider an always-connected PC so you don’t miss a thing!
2017-12-14T10:41:00
(BPT) – The Federal Reserve Board discovered in a survey of working Americans that nearly half of U.S. adults don’t have enough cash on hand to pay for a $400 emergency. If that’s a concern for you, you might be thinking about joining the 44 million Americans who have found ways to make money in addition to their main source of income. Common options include waiting tables, working retail, becoming a rideshare driver and direct selling.
Direct selling, also called direct-to-consumer sales, has been around for over 160 years, and companies like Avon, Tupperware, WorldVentures and Amway have been offering new business opportunities to independent sales representatives since they opened. The direct-sales business is still booming, with a record 20.5 million people involved in the U.S. alone in 2016. The estimated direct retail sales of $35.54 billion in 2016 was the second-highest in direct-selling history.
Is working in direct sales right for you? Benefits of working in the industry can include:
* Flexibility — You determine your schedule, and you choose to work as many — or as few — hours as you want. If you have a knack for direct selling, you could ultimately make it your main source of income.
* Personal growth and development — Take advantage of the tools and training offered by your direct selling company to help you build your business.
* Companionship — Connect with fellow sales representatives and prospective customers, which can lead to lasting relationships.
Passion for travel and financial freedom prompted Wayne Nugent, founder of WorldVentures, to launch his direct sales business in 2005. “We’ve been changing the way people take vacations for more than a decade, all while helping our independent representatives discover their potential and experience more in life,” says Nugent.
The direct seller of travel and leisure club memberships, is just one of many opportunities waiting for you. Whether you decide to go into direct sales, housesitting or part-time bartending, the possibilities for supplemental income are limited only by your imagination.
2017-12-13T08:31:00
(BPT) – (BPT) – As the farming industry faces growing consolidation in the U.S., one might get the impression fewer jobs are now available in agriculture.
In fact, just the opposite is true. Today, one in three people worldwide — more than a billion employees — work in an ag-related industry.
Industry growth and digital innovation combined with retirements are driving significant demand for college grads and other professionals, including those without experience in typical ag-related subjects, and many feature excellent salaries. The USDA and Purdue University predict 57,900 jobs requiring ag skills will become available each year between now and 2020 while only 35,000 grads in food, ag, renewable resources or environment studies will look to fill those jobs each year. Further, the average starting salary in the U.S. for those graduating with bachelor’s degrees in agriculture or natural resources was a healthy $54,364 as of winter 2017, a 12 percent increase from 2016.
“People are starting to discover (agriculture) is a pretty good industry to be in,” Iowa State College Career Services Director Mike Gaul recently told CNBC. “They realize this sector isn’t our traditional what-we-joke ‘cows, plows and sows’ industry anymore. It’s incredibly diverse.”
The expectation is that grads with expertise in food, agriculture, renewable natural resources and/or the environment will fill 61 percent of all ag-related openings, while employers must seek grads in other majors to fill the 39 percent gap. Notably, women already make up more than half of the higher-ed grads in food, agriculture, renewable natural resources and environmental studies.
High school grads considering degrees in agriculture might consider one of these highest-paying ag occupations:
1. C-suite executives: The CEOs, COOs and CFOs at ag startups or established corporations routinely earn $200,000-plus for overseeing company growth and profitability. A bachelor’s or master’s degree is generally needed in addition to a background in leadership and at least five years’ industry experience.
2. Ag lawyers: Because ag is so highly regulated, such professionals may handle issues related to water, land use, pesticides, seeds, the environment, labor/HR, immigration, commerce, intellectual property, mergers/acquisitions, etc. Salaries average out at $160,000. Required: a bachelor’s degree followed by a J.D. and completed state bar exam.
3. Ag sales managers: Those skilled in overseeing sales teams are earning an average $125,000-plus annually. Most hold bachelor’s degrees in agronomy, crop science, soil science, biology, agricultural business or a related field.
4. Ag scientists: Salaries average out at $120,000. A bachelor’s degree is usually sufficient, with in-demand specialties including bioinformatics, animal genetics or the regulatory environment (managing and strategizing a product through the regulatory process).
5. Ag engineers: Among specialties in demand are environmental, ethanol and mechanical engineers, with average salaries running upwards of $80,000 for those holding bachelor’s degrees.
Bottom line: The next generation of ag specialists will be crucial to helping solve the world’s most pressing issues.
Agricultural company Syngenta is supporting that cause by bestowing multiple college scholarships to ag students each year, and of course hiring many grads in various majors.
“This is an exciting time in agriculture because we have new tools to develop better seeds and crop protection products, as well as digital solutions to help farmers be more productive,” says Ian Jepson, head of trait research and developmental biology at Syngenta. “We encourage students to think about the wide range of challenging and rewarding careers in companies like ours to help develop and deliver what farmers need to feed the world.”
2018-01-24T08:46:00
(BPT) – From smartphones to mattresses, almost everything you buy comes with a warranty. How can you ensure you get the most benefit from a warranty, especially for a major investment that’s critical to the comfort of your home, like a new furnace?
“Warranties are meant to assure a homeowner that the furnace they’re purchasing will do what it’s supposed to, is free of defects and meets applicable government regulations or standards,” says Chip Wade, HGTV expert. “However, warranties are often very specific about the circumstances under which the manufacturer will repair or replace the furnace if it doesn’t work properly. It’s important to carefully read your furnace’s warranty to ensure you understand exactly how it works.”
Warranty terms
Because written warranties are legally binding documents, you may come across unfamiliar terms as you’re reading yours, including:
Product warranty — This is the guarantee that comes from the company that manufactures the furnace. Contractors and installers may offer extended warranties that apply to their work, including the labor required to install the furnace. York, for example, manages its own extended warranties. Other manufacturers often work with outside firms.
Warranty term — The length of time the coverage is offered is called the warranty term. These can vary significantly.
Parts warranty — Most furnace warranties will cover replacement of specific parts if they malfunction within the warranty time frame and the problem is a result of a manufacturer’s defect. Most warranties have different coverage periods for different parts.
Non-transferable — When you have a new home comfort system installed, if the furnace warranty is non-transferable, the coverage will not transfer to the new owners if you sell the house before the end of the warranty term.
Protect your warranty
“No homeowner ever wants to hear their warranty has been voided by something they did or something they were supposed to do but didn’t,” Wade says. “That’s why it’s so important to read your detailed furnace warranty very carefully, so you know what the manufacturer and installer require in order to honor the warranty.”
Actions that help ensure a valid warranty:
* Register the product purchase with the manufacturer. Most manufacturers require homeowners to register their furnace with the manufacturer within a specified window of time after the purchase and installation. If the contractor does not register the warranty on behalf of the homeowner, homeowners are required to register within 90 days of installation.
* Work with a qualified contractor who can properly install the product. If a part doesn’t work because it wasn’t installed properly, the manufacturer will likely say the installer, and not the manufacturer, is liable for fixing the problem.
* Use branded parts or parts the manufacturer has certified for the furnace. Otherwise, you may void the manufacturer’s warranty, even for parts that would normally be covered.
* Follow manufacturer maintenance recommendations. For your furnace to operate as it should, it will need to be professionally serviced every year. Keep service records for reference, in case an issue arises.
York heating and cooling offers a lifetime heat exchanger warranty on its Affinity gas furnaces. In addition, it offers the Complete Assurance Warranty Pledge with this furnace. If the heat exchanger fails within 10 years of installation, the company provides optional furnace replacement in lieu of heat exchanger equipment.
“A new furnace is a big investment, and it’s one that’s essential to preserve the comfort of your home,” Wade says. “A good manufacturer’s warranty can help you be sure you’re getting a quality product that’s backed by a company that will stand by its work.”
Visit www.york.com/warranty to learn more about warranties.
2018-01-24T06:01:01
(BPT) – Whether you’ve been a loyalist to the same shade of green for the last decade or if you’re an evolving follower of trends whose color choices have shifted over the years, the trending color of 2018 is sure to surprise and intrigue you. Indeed, black is back. But how was this classic shade named the trending color of the year? While many assume the choice is random, trending colors are based on many influencers, but where do they really begin? Trending colors arise from consumer preferences, which are formed by societal influences, such as politics, economics, lifestyle and overall sentiment. We as a society hold the power of prompting new color trends based on our ever-changing attitudes, ideas and actions.
Dee Schlotter, senior color marketing manager for PPG, a leader in paint and color, understands the path to determining each year’s top trending color. Schlotter and more than 20 PPG color stylists from around the world meet annually at the company’s Global Color Trends Workshop. “Our team of global color experts assess societal and cultural influences to forecast what colors will be popular in home decor, consumer goods, automotive and even airplanes for the upcoming year,” Schlotter says. “We also look at what’s happening in society, and the state of people’s emotions because of current events. All of this information helps us predict what colors will truly resonate with people in the coming year, especially when it comes to the paint in their homes.”
2018 finds its color of the year in a reflection of people’s daily lives and their need to find an escape.
‘Black’ to basics
“The PPG Paints brand’s 2018 Color of the Year is Black Flame (PPG1043-7). It offers the silencing impact of black with the possibility and hopefulness of indigo seen in the color’s undertone,” says Schlotter.
Schlotter adds that black will be very popular in 2018 because it offers a break from an often chaotic and over-worked world. “With society facing overstimulation and a need to take refuge, the color black offers a comforting retreat, and a chance to start new and get back to the basics,” she says. “Black Flame represents that necessary void and the need for nothingness that helps us recharge, making it a timeless and classic color in home decor.”
A palette of options
While going darker can seem intimidating at first, incorporating black into your existing decor is a lot easier than you think.
Many people mistakenly believe that all blacks are the same. However, black, like any other color, is available in a wide array of shades. For example, Glidden paint’s 2018 Color of the Year, Deep Onyx (00NN 07/000), is a deep and rich black that encourages a less-is-more attitude when applying to home decor, while Black Magic (OL116), the 2018 Color of the Year for Olympic paints, is more glamorous and looks great as a statement color for walls. And, if you’re looking for some darker inspiration outdoors, Olympic stain’s Maximum product in a Cinder semi-transparent stain color (905) is a great complement to Black Magic when applied to exterior surfaces like doors, window trims and shutters.
Any of these black hues can be a defining piece in your decor while providing you with the mental escape you need. Schlotter adds that capitalizing on this year’s color trend isn’t solely about the color itself, but what you pair it with. Consider some of her other tips and tricks, including:
* Pairing the PPG Paints brand’s Black Flame with Millennial orange-pinks, teals and warm gray or mocha browns for an enveloping, rich look and feel.
* Feeling a bit more daring? Make an impactful statement with black by applying it from floor to ceiling on an accent wall or in an entire room. Completing the look with lighter elements and furnishings will make the decor stand out, because the dark walls will highlight artwork and accessories while providing depth and character, creating a perfect space for respite and conversation.
* To keep a space more fresh and modern, consider pairing a black hue with whites, matte finishes or light-grain wood finishes.
“Outside of paint, reinvented versions of the classic black hue are showing up in key design elements — from faucets, to matte black appliances, to black veined granite countertops, black windows and marble floors,” says Schlotter. “The possibilities are truly endless when it comes to adding this misunderstood neutral in the home.”
2018-01-24T06:01:01
(BPT) – Ready to tackle your next home remodeling project and showcase your Do-It-Yourself (DIY) skills? Or maybe you’re an aspiring DIYer, hoping to channel your creative spirit and try your hand at the next home improvement project? Now is the time to get started.
According to experts from the National Association of Home Builders, the amount of money homeowners spend on remodeling projects is predicted to grow nearly 5 percent in 2018. Some of these dollars will be spent on large comprehensive rebuilds and others will be spent on smaller fix-it-up projects. No matter the spend, it’s a good bet much of this money will go to fund DIYers in their home improvement efforts, and many of them will be taking on projects for the first time.
Here are five bathroom upgrade projects that can be completed in a weekend. So now you can reinvent your bathroom and employ your DIY skills at the same time. Go ahead, pick the project that appeals most to you, and let’s get this project underway:
* Upgrade your bathroom fixtures. The focal points of your bathroom can easily be replaced, making a big overall impact with little outlay of effort. Tapered design lines and modern styling, like those in the American Standard Townsend bathroom fixtures, can beautifully enhance your bathroom. Consider replacing an old vanity with a new smoked gray vanity or washstand. It can be accented with a softly angular sink displaying generously sized side ledges to conveniently accommodate toiletries. Finish the room with matching accessories – towel bars, toilet paper holder, robe hook – and you’re on your way to a whole new level of style, all done with your DIY expertise.
* Install a new shower door. A shower door replacement can be made for cosmetic reasons; plus, there are very real potential benefits behind it as well, provided you pay attention to the details. Follow the process to install your door and be sure to apply silicone caulk at the end along the edges of the base track — both inside and out — and along the jams. This will make your new door water tight and keep your whole bathroom cleaner and drier.
* Replace your sink faucet. The faucet in your bathroom gets used every single day, so why not make it one you love? American Standard Studio S bathroom faucets showcase a fashion-forward geometric silhouette with minimalistic surface details. You can choose an easy-to-operate single handle model, or distinctive two-handle configurations, depending on what works for your home and family. These faucets are easy to install, and the WaterSense-certified 1.2 gallons per minute flow rate will save you water — up to 45 percent over conventional models — and money without compromising your experience.
* Lay the tile. Whether you’re motivated by structural needs or an outlet for your own artistic expression, laying new bathroom tile is a project that immediately ups the wow factor. Tile is incredibly impervious to water and stains, making it perfect for the bathroom. But it won’t lay properly unless you thoroughly clean the surface beforehand. Fill those backboard seams with mortar, apply a fiberglass mesh and then you’re ready to lay a tile design that matches your unique look.
* A spot for the perfect seat. If you’ve ever wished your time on the toilet seat was a little more luxurious, now is the perfect time to upgrade to an American Standard SpaLet bidet seat. It’s easy to install and provides the ultimate personal experience with a wide array of features like heated seat, water temperature control, spray strength, nozzle position, and even a deodorizer. Now, you can bring a spa-like environment right to the comfort of your own bathroom, without much time or cost invested.
Start reimagining your bathroom today
As one of the most used rooms in your home, the bathroom is the perfect place to start your weekend warrior home improvement projects. Simple upgrades to the elements in a bustling family bathroom, cozy master bath or heavy-use powder room can often be done with DIY know-how and enjoyed for many years to come.
2018-01-15T15:53:00
(BPT) – If you’re thinking of buying your first home, you’ve probably wrestled with the decision to rent or own your home — and for good reason.
Owning a home is a big commitment. With it comes a lot of responsibility and a long-term financial relationship.
But which is right for you? To answer that, let’s lean into the facts.
The improving housing market
Good news! Since the depths of the recession, the housing market has made a heroic comeback. That can be attributed to a number of factors, including a drop in unemployment and a stronger economy.
But as the housing market has recovered, it has experienced some growing pains. With a sharp increase in demand, housing supplies are being strained. This means, among other things, that prices are going up.
For families and individuals still recovering financially, finding affordable housing options can be difficult. This applies to home sales and rentals.
Making the decision
With rental and sales markets heading toward record highs, the decision falls back to what is best for you. Specifically, what is financially feasible.
Let’s look at the basic numbers. According to the U.S. Census Bureau, the median gross rent paid from 2012 to 2016 was $949 monthly. Compare that with the median selected monthly owner costs with a mortgage, which was $1,491 over the same time period.
Then there are utilities. The median monthly electricity cost for renters in 2015 was $82, with owners paying $117. For piped gas, the median amount renters pay monthly is $42, while owners pay $58.
For renters, it is wise to carry renter’s insurance. Some landlords will also charge maintenance and other fees. Utility costs will also vary depending on the quality of the structure and materials used as well as size of the rental space.
Homeowners will pay property taxes, insurance and an estimated $500 annually for routine maintenance, according to the Census Bureau.
The benefits of homeownership
At a glance, it may seem that renting is the lower cost option. But there are certain benefits to homeownership that may offset the additional regular costs. According to the Tax Policy Center, the primary benefit to owning a home is imputed rental income. Simply put, making a monthly payment on a home that you own is like paying rent to yourself.
While that money is not taxed, it comes with another benefit — potential tax deductions. When you file your federal taxes, you may be able to deduct a portion of the mortgage interest you pay. Talk to a tax professional for more information on the expenses you can deduct and the limits for those deductions.
Beyond the numbers
Homeownership provides a variety of benefits beyond the numbers. For many people, a home is the largest investment they will ever make. The upgrades, work and care put into the home that you own can add value to your investment. It also adds a sense of pride knowing that it is yours.
“Having a place to call your own, a place to return to at the end of the day, makes life better,” said Vanderbilt Mortgage and Finance, Inc. President Eric Hamilton. “You can see it from the moment they make the decision — that sense of pride. It’s a life-changing event and a memory that will last a lifetime.”
Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), Illinois Residential Mortgage Licensee, Licensed by the NH Banking Department, MT Lic. #1561, Licensed by PA Dept. of Banking.
