The Reason why you should own your House.
Among the three human needs, shelter is one of them. It is unfortunate that not everyone on this planet have a roof over their head. However, there are various international organizations that are trying to ensure that everyone has a roof above their heads. In the modern world, people have the option of either renting a home or buying one. The population of 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. Lowering the interest rates by the government is one such measures. The reason why the governments are doing this is because they know the advantages of owning a home.
You can enjoy several benefits when you own your own home. These benefits are only enjoyed by homeowners. A few examples of the benefits associated with owning a home are as follows. First, owning a home gives you the ability to predict your monthly housing payments. You can do this for up to thirty years. This is as opposed to the rentals where the landlord has the power to raise the rent. When you have your own house, there are no worries of the rent fluctuating. The tax benefits are the other good thing about owning a home. Many of the expenses of owning a home are tax deductible. For instance property taxes and accounting costs. The largest deduction is generally the interest you pay for the mortgage loan.
Homeowners also, enjoy the appreciation benefits of the house. A house is one of the most valuable assets. This means that gives you some sort of 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. You do not have to ask anybody for permission for any changes made to the house.
The other thing is about privacy. Privacy is what most people desire. However, some of the rentals are built using inferior building materials. For instance low-quality plywood and shoddy drywall are not capable of providing a greater sound barrier. Such cannot guarantee your privacy. Homeowners do not have such matters to worry about. To improve on privacy, you can even construct a fence.
And finally, and buying a home is cheaper in the long run than renting one. The above mentioned advantages are a few out of many of the advantages that one gets to enjoy for owning a home.