Education and news for smart DIY landlords!
People say that there is no better place than home. For some, owning a home can be a big step to take. There are things you need to consider first — one of them is your financial stability. However, the long-term achievements homeownership can provide, such as tax advantages, home equity building, and saving money, are all worthwhile in the long run.
Buying a house is a good start for an investment that can be of high value in the years to come. Here are five benefits to owning a home that will convince you to buy one.
Homeownership is usually with a fixed rate. Although it has other expenses like down payment, equity, and even property tax, the increase will not be that high. At the end of it all, you have a home that you can call your own. On the other hand, renting provides you with fewer choices, including when a landlord makes decisions on changing the rental rates.
Home prices increase yearly in the local market. This is one of the many reasons why buying a house shouldn’t be given a second thought. Owning a home may require a lot of money in the beginning, but down the road, there’s a good return on investment (ROI). When it comes to renting a house, you pay monthly without having any ROI.
Equity is the amount of worth you have on your owned property. In other words, when the value of the property increases in the market, your equity grows. To build your equity, you have to pay your monthly mortgage and check the home’s appreciation from time to time. Once you sell the house, you get the equity as cash. On the other hand, renters will never get back the monthly costs they spent in the landlord’s house.
There’s a sense of security and pride in knowing that you own a home. Furthermore, you’ll be able to rest well and peacefully at night. If you are renting, all the decisions about the house will be coming from the landlord. The bitter reality of it is that when the landlord decides the property is no longer for rent, moving out is your only viable option. A sudden move out can be very stressful and inconvenient — not to mention costly.
When you own a property, you have control over it. The same goes with owning a home. You can be in charge of renovating and customizing the place. There’s freedom in conceptualizing the interior design of the house, and no one will go against it. A renter cannot enjoy this kind of privilege. Although some landlords allow renovation, it often involves negotiation.
Owning a home may come with a price, but the benefits it can give are incomparable. When you purchase your own house, you can build equity and tax that will help you save money. You will have a sense of ownership and can freely personalize your home according to your style. These are not a guarantee to renters. Because, anytime, the landlord can make an immediate decision that could lead you to look for another place to live.
We all dream of that one day when we look at the house we paid for years, and finally, we can now call it our home sweet home.
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