Top 8 Perks of Owning your Own Home
Benefits of purchasing a home are endless. Owning a home offers long-term advantages of security, equity, and potential growth and personal wealth. There’s pride in homeownership, as you know there is a place where you’ll always have a roof over your head. Whatever headaches and hassles you must endure are far and away outweighed by the perks of buying a home.
If you need some inspiration to begin your house hunt or just want to ensure you’re taking advantage of all that owning a home has to offer, check out a list of perks that will repay your hard work from now well into retirement.
Home prices may shift in cycles over the short-term, but any property over a long term would generally pay you back with a valuable asset or high return and financial stability.
Live life under your own rules
When you own a house it becomes your legal property. It gives you the freedom to do any kind of modifications you’ll love to do, (which you cannot do without your landlord’s blessing). Homeownership allows you to be creative about your property so that you can do improvements in decor, cabinets, landscaping, etc. that goes with your needs and style. While most of the times, such improvements lead to the higher asset value.
The are various expenses of owning a home such as property taxes, accounting costs, etc. —which are tax deductible. Whereas, the highest deduction is usually the interest you pay on your mortgage. This allows you to keep more of your hard-earned money.
Cheaper than renting over a long-term
Buying a home costs less than renting over long-term. Of course, there is the upfront cost of down payment and closing, but after sometime, the monthly outlay of owning a home is much less than paying rent in most of the markets. Furthermore, due to general inflation index rents are only going to rise over time.
Most importantly, mortgage rates are currently low, making it an economically wise choice to buy a home sooner than later.
Some rentals are built using inferior building materials like plywood or shoddy drywall. If your houses or apartments are built of concrete and stucco, it will offer a greater sound barrier from your neighbors.
When a homeowner makes a mortgage payment, it pays off part of your loan while providing the owner more equity in their home. Thus, it can actually be considered as extra savings that benefit the owner. Whereas in the other scenario the entire portion, which means the monthly rent goes to your landlord.
Secure option for retirement
A home can be your ultimate nest egg. It offers you with a great investment for retirement. The longer you own a house, the more it should be attaining value.
As you get older, you can sell the home and use the amount to purchase or rent something smaller.
Build a second income stream
Being a homeowner, you have an option to rent it out; which enables you to generate some income from the said property. This income can be put towards the home loan as well.
Homeownership comes with a plethora of benefits. These are only a handful. With a home, you have the freedom to live there indefinitely. And isn’t there something comforting in knowing there’s a place that you can call your own?
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