There are phases in an individual's
life when renting a home is an okay choice, however, more often than not;
buying a home is recommended as it always has more benefits and advantages. Â The benefits of owning a home aren't just for
the homeowners; it also extends to the local community.
Listed
below are few of the most significant advantages of owning your home.
More
Stable and Secure Housing Costs
When you own your home, you'll enjoy
more secure housing costs. Rent fees are unpredictable and habitually increase
with each passing year, 2013 comes to mind when the rent increased by an
average of 4.6 percent. Mortgage payments, on the other hand, remains more
or less at the same figure over the entire period of the loan. If taxes
increase, the growth is typically gradual. Having a stable housing cost is of
particular importance during times of inflation, when you'll earn money if you
own a home and lose money if you are an apartment renter.
Tax
Savings
Another major benefit you get from
buying a home is tax Savings. Property owners will a lot of times qualify to
receive large tax savings since deducting mortgage interest and property taxes
from the Federal Reserve, and some other state income taxes is possible.
This is normally a significant
amount of money at first, mainly because the first couple of years of mortgage
payments are mostly made up of interest and taxes.
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Debt
Consolidation
Another great advantage buying your home has over renting is debt consolidation.
If you must, it's possible to
refinance a mortgage loan in order to consolidate other debts (this option
isn't available if you are renting.) Also, the interest gained on this is
tax-deductible.
Equity
Equity is another major plus.
Instead of having your payments disappear into another person's pocket, as a
property owner you are creating equity in your house. This is a very notable
investment as you pay more towards the principle for each year that you own
your house. This is money that you will get back when you decide to sell the
house.
It feels almost like having a bank
account that keeps growing the longer you have it. If the home appreciates like
it is prone to do, it is just like having money in your pocket as you will directly
benefit from it rather than a landlord. You are also investing in your neighborhood by buying local. This equity can then be used for
important future goals like your retirement plan or your child's education.
Freedom!!
The best and last reason to buy I'll
discuss hers is that it is simply yours! When you own a property, you are 100%
in control. You are free to decorate and landscape it however way you choose
to. You are free to get a dog or an elephant as a pet if it pleases you. No one
will come in to explain what can be accepted and what wouldn't. No fear of an
examination or an eviction notice from your landlord.
You are your own landlord.
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