All of us considers being a homeowner a significant milestone. Yes, it might be a personal milestone, but it is one that everyone literally dreams about. Why? Because it is such a difficult thing to achieve. Unless you inherited the home or property of your rich parents, you need to work to have your own home.
Owning a home is such an upgrade from renting. That is a view shared by most young people today. If one thing is clear, it is that homeownership has not lost its prestige over the years. That is one of the main reasons why people really want to become a homeowner. There are both practical and non-practical reasons to want it.
It would be interesting to note the reasons you and others should own a home. Here are some of the leading ones:
1. Owning a Home is a Good Investment
A home is a good investment that is only likely to increase in value as time goes by. If you are going to buy a home, right now is as good a time as any. Prices have dropped by as much as 50 per cent in some areas in the US. It would make perfect sense then to purchase now and sell it later on for a profit.
2. You Own the House
Another reason to buy a home is that you will finally own it. It is not owned by anyone else but you. There is a sense of pride and ownership that comes with that. You are not going to get that from renting or from anything else. And this also means that you can do whatever you want with it. Paint it any color you like or put any type of furniture that you want. There is no one to question your decision and that’s the beauty of it.
3. You Can Sell It Anytime You Want
Owning your very own home means that you can sell it anytime you want. It all depends on what you want. You can do this so you can avoid paying any capital gains tax. Once you have sold your home, you can decide to move to a smaller house or go on to a larger one. You can easily check out the hottest houses for sale in the Daybreak area.
4. Pay Less Tax
Pay less tax by deducting the interest on your mortgage from your taxable income. If you are a new homeowner and your home loan is recent, then you will benefit more. New mortgages have higher monthly interest payment, which leads to bigger tax breaks. And with real estate taxes being deductible, this will benefit the homeowner immensely.
5. Have Peace of Mind
Ultimately, being a homeowner will give you peace of mind. The days when you were constantly worrying about the rent or dealing with landlords is finally over. You can focus your energies on other things in life that are just as important and be more productive.
Nothing beats the feeling of owning your own home at last. It provides you with that awesome feeling of fulfilment that few other things in life can match. So, you need to do what you can to ensure that you get to own your home as soon as possible.