Until this day, there are still a number of people who are confused as to what is the best living arrangement for them. They choose to either rent a home or buy a home that they can call their own. It requires a number of things to own a home. You have to not only be prepared financially but also emotionally.
You need to have some understanding what owning a home means. Even so, there is no denying that owning a home is one of the best investments that you will ever make in your entire life. Owning a home is a major decision that you must make and one that should be taken seriously. This short article will give you 4 reasons why it is always for the best to own a home.
- You do not just pay your bills but accumulate your assets. If you rent a home, you pay a certain amount to the owner of the house or building every month. No matter how much you do this, you will still not be able to accumulate ownership to the said home or building. Though renting a home entails less responsibilities, it is only by having your own home that you do not just pay for your bills but also accumulate a certain degree of equity.
- You enjoy the benefit of tax-deductible mortgage interest. Taxes may be a headache to most people even those that are required for their home. However, there is this so-called mortgage interest deductions that benefit a lot of home owners when they reach a certain size of mortgage. Basically, after the taxes, you will pay lesser net amounts if you own a home than rent it.
- You get ownership pride. If you rent a home, you become a tenant of the property rather than the owner. Though this implies that you have fewer responsibilities, you will have no right to customize the home that you are renting to be in keeping with your particular requirements and the changing conditions in and out of your home or even your changing family. When you own your home, you will have gained something that is intangible. You have this so-called pride of ownership that gives you some sense of being proud of yourself for owning your own home.
- You have all the freedom to update, upgrade, renovate, change, and customize your home. Home renters or tenants cannot really do a lot about certain rooms of their home such as their bathrooms and kitchens if they landlord does not allow them to make some changes to these areas of the home. In the same way, the landlord is the same person you must approach when you have plans of doing a painting job with the home that you are renting from them.
- Moreover, if you rent a home, it is just impractical to install or buy very pricey items that you cannot then take with you once you move. By owning a home, you have all the freedom in the world to change, customize, update, upgrade, or renovate your home according to your preferences. You can do anything with your home for as long as you secure a permit from your town or city as well as have the personal finances to back your budget up.