Four Benefits to Owning Your Own Home

Four Benefits to Owning Your Own Home

Owning your own home has many benefits financially and psychologically. Here are four of those benefits.

Owning your own home has many benefits, especially now that you can take advantage of historically low mortgage rates. Despite what some may say about renting a home or an apartment, there is just something about buying and owning your own home that is unmatched to paying rent to a landlord. You may have heard arguments on either side of the issue and you may have some reservations about jumping into the housing market because of the commitment or some other reason. However, we are going to provide you with four great advantages that home ownership has for you.

Pride
Few feelings match the feeling you get when you walk around a home that you actually owe. Even if you are in your first few years of making your mortgage payments, it feels better to live in something that you will actually own one day. You can paint your walls any color that you choose and turn up your stereo without worrying about your upstairs neighbors calling the police on you. It also provides a sense of stability and security for your family that an apartment simply does not offer.

Investment
The real estate market fluctuates up and down. However, if you own your home for several years, there is a good chance that it will go up in value. This means that if you decide to sell it years after you buy it, you will probably make a profit on it. The more payments you have made on your mortgage, the more equity you have built up and the more you can put in your pocket if you ever decide to sell it. With an apartment, you are simply paying out money each month and it never goes toward any type of future investment.

Tax Incentives
When you own your own home, you can claim deductions for your property tax and your mortgage interest. Our tax system is designed to encourage home ownership so you can actually get more back each year when you file your taxes.

Privacy
When you live in an apartment or a rented home, the property manager may have access to your home. Even if it is illegal or against the rules in your state, you may still have it in the back of your mind that they can enter your home when you are not around. When you own your home, however, you can take the proper precautions to keep unwanted visitors out of your home, such as installing an alarm system, extra locks and other deterrents.

These are just a few things to consider when deciding if you would rather buy a home or pay rent every month. Even with all of these benefits, though, you should always be careful when making your decision. Buying a home is one of the most major decisions you will ever make so taking the time to research it and find the one that is right for your family will help make the experience as pleasurable as it can be.

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