When you think of buying a home, there will be many questions you will ask yourself. Do I need a permanent home for my family? Will my income increase so that I can afford to pay a mortgage? Am I ready to take responsibility? These are only a few of the questions. If you will list them down, you will see that the list can grow longer. Buying a home is a major financial decision. It is wise to look at the pros and cons. You have to assess your finances and plan it carefully.
Advantages of Home Ownership
- It gives you security that you will not be evicted because the owner needs the place.
- You are free from the control of the landlord. You can renovate, decorate and improve your home without seeking approval from anybody. There is much freedom to build a better living condition for your family. You can have pets, repaint the walls, pull down walls to create bigger rooms and build annexes.
- You have more space when you own a home. You have your own yard. You can build a garage. You can entertain guests in the yard.
- You have greater privacy.
- Cost of the home is stable and predictable because the mortgage has a fixed rate.
- You enjoy tax deduction because the interest and property tax charged in the mortgage payment is deductible from your federal taxes.
- You will proud that you have ownership over our home.
- You create close community ties with the people around you because you will live longer and maybe for your lifetime in that community.
- Homes are good investment. They are assets that may appreciate with the passing years.
- Buying a home is building equity. As your mortgage becomes smaller, the equity of your home increases. You can borrow against it if you have financial needs.
- You build a strong credit history. If you religiously pay the mortgage, you are considered a good borrower. Many lenders will allow you to make a loan with them to buy a car or for medical needs because of your good credit history.
Owning a home is everyone’s dream. It give us security and fulfillment. We are proud to own a home. But we need to be ready to take on the responsibility and put our finances are in order.