Anyone will tell you that being able to buy your own home is one of the best feelings ever. For this to be possible, one has to have a great credit score, apply for a mortgage successfully, get a down payment, and finally sign the contract and move into your new home. While it may seem like a lot of trouble to go through and yet there are renting options, owning your own home comes with a lot of benefits. Here are the top benefits of buying a home.
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Your Monthly House Payment Is Fixed
When you are renting, how much rent you pay is solely dependent on your landlord. Whenever your lease expires, the landlord can decide to raise the rent before the next lease issues. On the other hand, when you decide to own a home, your mortgage is predictable for as long as you are required to pay it. This makes it possible for homeowners to come up with a budget because they are sure that their principal and interest rates will not change. Also, the budget you set goes towards owning your own home and not monthly rent for a house that will never be yours.
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A House Is an Asset
Owning your own home gives you financial stability and a valuable asset. Your home is an asset that appreciates in value as the years go by. If you invest 200,000 dollars in a home today, in a few years, the value will go up to 250,000 dollars or even 300,000 dollars. This makes buying a house one of the best investment decisions anyone can make and a good way of providing your family with a steady home environment.
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Tax Advantages
Whether you own a condo or a townhouse, property taxes and cost of accounting are some of the deductible expenses for homeowners. The biggest deduction is the interest rate paid by the homeowner in form of interest rates on the mortgage. This makes it possible for homeowners to save most of their money.
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Freedom to Modify
When you are renting your house, you need the landlord’s approval to make any modifications. Even when the landlord allows you to modify your house, it is to their benefit because eventually you may need to move out but cannot undo the modifications or get your investment back.
As a homeowner, you do not need anyone’s approval to remodel your house and doing it actually adds value to your home. You can do whatever you want with your house to make it as comfortable for you as possible.
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Privacy
One of the best benefits of buying a house is the privacy it comes with. Most rental houses are constructed using inferior materials such as plywood. Such material has very poor soundproofing, which makes it impossible for you to have some privacy. With your own home, you can choose which material you use for walling to give you the privacy you need. You can also put up a fence to keep out the prying eyes of your neighbors.
Make sure to engage a real estate agent in your search for houses or condos for sale. You’ll get a better deal this way.
