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. The benefits of homeownership 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.
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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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 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 home. 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. This equity can then be used for important future goals like your retirement plan or your child's education.
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 now the proud home owner.