The Advantages of Owning a Home.
Shelter is one of the three basic human need. It is unfortunate that not everyone on this planet have a roof over their head. There are some international organizations that are working tirelessly to change these unfortunate facts. Nowadays, you can choose either to rent or own your own home. People living in rentals in the developing countries is very high. It is the opposite in the developed countries. Citizens are being encouraged to own homes by their governments through the measures set by the governments. One good example is when the governments lower the interest rates. The reason why the governments are doing this is because they know the advantages of owning a home.
Owning a house has a lot of advantages. These are the benefits that you cannot enjoy if you rent. Some of these advantages will be discussed below. One of the benefits of owning a home is that you can predict your monthly housing payment. You can do this for up to thirty years. The landlords, however, can increase the rents paid for their property. Therefore, with owning a home, you will not worry about the rent fluctuating. The tax benefits are the other good thing about owning a home. The nature of the expenses of having your own home are tax deductible. For example the property taxes and accounting costs. The interest paid on the mortgage loan is the largest deduction.
Homeowners also, enjoy the appreciation benefits of the house. A house is one of the most valuable assets. Owning home comes with financial stability. The increase in growth of the real estate sector is one of the reasons why your house is one of the greatest investment. The market conditions, as well as the how you plan, will influence how the value of the property will increase. You can also make the modifications that you need to your house. If you own a home, you will not need the permission of anyone to be able to make simple changes like repainting the house or to the complicated house remodeling.
Privacy is other issue. Most people prefer their lives to remain private. However, some of the rentals are built using inferior building materials. Some materials used like low-quality plywood and drywall are incapable of blocking sound. It is difficult to enjoy privacy in such a situation. When you own your house, these are some of the things that you will not have to worry about. You even have the chance to put up a fence for added privacy.
In conclusion, it is cheaper than renting a home. The above mentioned advantages are a few out of many of the advantages that one gets to enjoy for owning a home.