Owning a beautiful home where one can live happily with the family is a dream of every person. No doubt, homeownership comes with several responsibilities, but it offers many advantages too. Many people are there who choose renting over owning a house as they think it is a costly affair and they cannot afford a house. But, actually purchasing a property is no more an expensive task. There are several types of loans available that one can opt and make home buying easy. No matter the size of the home, having a place to live that you can call yours is a great feeling in itself. Every time you will look at your home you will feel proud of yourself for providing an amazing place to your family to live-in.
Probing further, let us see why it is extremely beneficial to own a home.
Home is a good investment – There are numerous options available for making investment, but home is a solid investment. Owning a home may demand more money initially, but in the long run it helps in brining high return on investment. When you purchase an expensive car, its price depreciates but, when you spend money on house its price appreciates with time.
There is no landlord – This the best reason for which you should consider owning a home. You don’t have to deal with a landlord or take permissions before doing anything inside home. You can replace and repair anything anytime you wish. You will not have someone to instruct you about what you should do and not do when living in their home. You are free to take decisions when you own a home.
You can enjoy tax deductions – When you purchase a home, the amount of income tax you pay each year reduces because your mortgage interest and other closing costs are tax deductible. Moreover, when you make your loan payments on time without any delays, lenders consider you as a good borrower. This helps you in building a strong credit score that can prove to be helpful in future in making significant purchases such as buying a new car.
You can design a home of your dreams – When you own a home you are free to design the home they way you wish. You can get it renovated by professionals and with minor changes you can have a home of dreams.
You build your own asset – After purchasing a house, instead of paying huge rents, you have to pay mortgage payments and hence, you build your own asset over time. Your money is not expended on making rent payments but in making an asset. Thus, if you decide to buy a home it will be indeed a smart decision.
You get opportunity to build equity – One of the greatest advantages of homeownership is the opportunity to build equity. Equity is the difference between the home’s actual value and owner’s total debt to the lender.