Economics

A lot of people look at our house and assume that it is bleeding us dry.  And that could be true, and sometimes seems like it is with the much higher utility bills that we're enjoying in Pennsylvania.  However, a lot of incentives and particularities are making our situation pretty economically feasible.  

First, while I wasn't thrilled that we had to delay our closing initially, I was thrilled to discover that between our original closing date and our actual closing date we became eligible for these lovely Homeowner's Tax Credits from the U.S. Government.  Thanks, Preznit!

Second, our house is a duplex, as well as has a detached carriage house, and that creates a lot of advantages.  We can, of course, rent out one side, and we will be doing so as of April 1th.  We also get to depreciate not only improvements to that side of the house, but utilities and other things relating to the administration and improvement of the shared environment. If both units are rented at market rent, we actually will cover our mortgage entirely.  So, not too shabby.

Third, we are eligible for a wider variety of incentives than we would be eligible for either as owners of single-family property or as owners of commercial property, allowing us to potentially take advantage of both.  More on this later, as we attempt to balance our desire to restore our historic home with our desire to be as environmentally responsible as possible.