At this point, you may still be wondering whether buying your own home is a good idea. This is a normal feeling especially if you are really quite unsure of the decision. But then, taking some time to learn about the advantages of having a home, the less frightening the whole process will be.
So, here are some of the perks in owning a home:
1. Pride The pride of owning a home is one of the main reasons why people years to have a home they can call their own. Having your own house means that you can put in permanent fixtures, paint the walls with any colors and decorate it based on your own preference. Also, owning a home gives not only you, but your family security and stability. It is one of the grandest investments that you can make for your future.
2. Sense of Belongingness When you own a home, there is an obvious sense of belongingness to the area or community. You feel more connected to the people and the areas. Also, you will find that you are more active in community events like what is currently happening at the roads, schools and other places in the area. In fact, some homeowners end up engaged in local politics to help in building better surroundings.
3. Deductions in Property Tax and Mortgage Interest In some states, property taxes for first time home buyers are entirely deductible for the purpose of income tax. Also, owning a home can serve as an extreme shelter for tax. So long as the mortgage balance is lower than the cost of your home, the mortgage interest is totally deductible on your tax returns. It must be noted than the interest is considered as the biggest component of the mortgage payment.
4. Appreciation Despite the fact that real estate fluctuates in cycles over some time, it has been constantly appreciated. With this, a house is regarded as a steady and safe investment with values that go up while the amount of debt falls down. It can be a potential investment for long term as appreciation takes place at inflation rates. For instance, if you but a home and make a cash down payment of 10% that comes with a 5% appreciation rate annually, you could gain a possible 94% cash return after a period of three years which can go up as years go by.
5. Family-friendly In case you have children, you and your family will feel secure living in your own home. There can be no worries about sudden transfer to other schools and similar things. Also, you, along with your wife and children can get to know the people in the community and establish lifelong friendships. Also, a home of your own can be a very sentimental thing that you can pass onto your kids and the next generation.
6. It Can Boost Your Credit Rating Buying your own home can help in enhancing your credit score. It is one of the top investments of a lifetime and it simply reflects positively when it comes to your credit score. This is so long as you make timely payments on all the amounts that are due.