3 Things People Don’t Tell You About Owning a Home

By John Wesley Walker II

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Owning a home is a significant milestone in life, and while it brings a lot of joy and pride, there are a few lesser-known aspects that new homeowners don’t know about. That’s why I’m here today to share three crucial things people don’t tell you about homeownership:

1. You can shop for homeowner insurance yearly. One of the most important tips for homeowners is to shop around for homeowners insurance annually. Many people don’t realize that they’re not locked into their initial policy forever. By comparing different insurance providers each year, you have the potential to find a lower rate and save money on your monthly mortgage payment. This simple step can lead to significant savings over time.

2. Take advantage of the homestead exemption. In Louisiana, the homestead exemption can be a substantial financial benefit. This exemption allows you to deduct $75,000 from your home’s assessed value when calculating property taxes, which reduces your tax bill and makes homeownership more affordable.

3. Homeownership leads to generational wealth. Believe it or not, owning a home is one of the fastest and most effective ways to build generational wealth. Think of your monthly mortgage payments as contributions to a built-in savings account. Over time, you build equity in your home, which you can borrow against or sell in the future. This equity can provide financial security for you and your family, making homeownership a powerful tool for wealth creation. Owning a home is not just about having a place to live; it’s about investing in your family’s future.

If you have any questions about the real estate market or need guidance on homeownership, feel free to give me a call at (318) 229-1318. I’m looking forward to helping you!