The culture of work in the U.S. is changing rapidly as growing numbers of professionals become mobile and autonomous. These days, freelancers are becoming closer to the rule than the tiny exception.
Without a doubt, freelancing boasts a number of advantages, such as potentially higher pay as well as those flexible hours. What few realize is that freelancing can also have benefits in the real estate realm.
In some ways, home ownership can be easier to attain for a freelancer.
Great deals are easier to lock down
Timing is everything when it comes to getting the best real estate bargain. According to Zilbert Homes, the best time to buy a home is in the spring. Regardless of the specific property you have in mind, buying a home is a time-consuming process.
Freelancers with flexible schedules have an advantage over salaried contract workers when it comes to diving on a deal.
You can supervise renovations in person
Boosting a homeâ€™s value through modular upgrades and renovations is a wise strategy that any homeowner can and should employ. Unfortunately, itâ€™s difficult to keep an eye on contractors and the progress of a home improvement project if youâ€™re stuck at the office all day.
Freelancers who work out of their home can personally oversee renovation work to ensure that everything goes according to plan.
Limitless income enables flexible payments
One of the greatest benefits of being a freelancer is the ability to make as much money as you want. Salaried employees typically draw a fixed annual income no matter how hard they work.
If freelancers want to get ahead of the game in the mortgage payment department and save a bundle on interest, they can ramp up productivity and take on extra work.
Mobility and flexibility allow for swift moves
If youâ€™re not married to the idea of living in one city for a long time, you can chase regional housing trends by moving around to find bargains. Think of it as a more extended version of house-flipping.
Many freelancers can work from virtually anywhere, after all. The mobility of freelancing can actually make home ownership quite profitable by enabling you to capitalize on localized real estate appreciation.
Houses make for great tax deductions
Perhaps the best thing about owning a home as a freelancer is the fact that your domicile can qualify as a business expense. At the very least, you can deduct capital improvements to your home office as well as PCs, printers, and other devices as business expenses.
While the extent to which you can carry this depends on state and federal tax codes, your savings can be substantial.
The new normal
One of the biggest expenses that the average person will incur throughout the life is housing. As such, home ownership is often viewed as a burden rather than a bonus.
For freelancers in particular, though, the upside of home ownership far outweighs the costs. Even better, freelancers are uniquely positioned to enjoy the perks of owning a house while minimizing the hassles and drawbacks.