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. 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. This is not the case with the developing countries. This is the reason why governments are formulating policies to encourage citizens to own homes. Lowering the interest rates by the government is one such measures. The benefits that are associated with owning a house is the main reason why most governments are taking these measures.
There are very many advantages that you can enjoy from having your own house. These are the benefits that you cannot enjoy if you rent. A few examples of the benefits associated with owning a home are as follows. 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. 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 example the property taxes and accounting costs. The interest paid on the mortgage loan is the largest deduction.
The other benefit associated with owning a home is the fact that a house appreciates. A house is an essential asset. 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 two things that determine the increase of the value of the property is your planning and the conditions of the market. Homeowners have the liberty to make modifications to their 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.
There is also the issue of privacy. Privacy is what most people desire. However, some of the rentals are built using inferior building materials. Some of the materials used for the walls do not provide sufficient sound barrier. This implies that your privacy is not guaranteed. Homeowners do not have such matters to worry about. To improve on privacy, you can even construct a fence.
In conclusion, it is more expensive to rent a home than to buy one. These are some of the good things that one can experience as a result of owning a home.