BENEFITS OF OWNING YOUR OWN HOME
The security of owning the roof over your head, the feeling of contentment, satisfaction, fulfillment, it is the wish of most, if not all, Americans, it is what they call the classic American dream, it is called Homeownership.
Owning a home is the biggest and best investment a person can ever make and so he has to manage that investment to the best of his ability. It requires extraordinary commitment not only of funds, but time and attention as well.
There are disadvantages that come with owning a home like maintenance, financial matters, risk of losing equity and the risk of foreclosure.But above all these, there are also a lot of benefits that comes with owning your own home.
-It is the best investment.The value of your home appreciates which means that if you decide to sell it, its price will be much higher than your purchase price. Homes appreciate about 5% every year.
-It is a form of forced savings because you’ll have to allot a certain amount of money for monthly payments or risk losing your home. You also need to set aside money for future repairs or improvements.
-It can help you plan for the future with regards to your finances because mortgage rates are fixed unlike yearly increase in rent.
-It gives a sense of permanence where your family can live and grow.Emotional security goes with this.
-It gives you and your family security and piece of mind knowing that you have a home to call your own.
-It develops lifelong friendships.
-it develops the sense of roots of your family especially the children.Your family becomes a part of a community
-It increases self-esteem knowing that you possess something of value.
-It eliminates landlord hassles.You will have no more worries with regard to lease not being renewed and increase in rent.
-It gives you the freedom to redecorate, remodel, make improvements, have pets, change the color or the décor of your home to your own taste and as you desire.
-It gives privacy. Not unlike renters wherein landlords can have access to the place.
-It gives more space – like larger rooms, laundry area, storage area.
-It develops a sense of community.Homeowners become attached to neighbors, become interested and involved in events and work towards the betterment of the community to protect and preserve property.
-you save on taxes.All of the interest and property taxes you pay in a given year can be deducted from your gross income to reduce your taxable income.
-you can borrow against your equity because the value of your home increases against what you owe on it.
-you may have a better credit rating.Mortgage payments paid on time contributes to an outstanding credit history.
IMPORTANT THINGS TO AVOID BEFORE BUYING A HOME
HOME BUYING BLUNDERS – How do you avoid them?
Looking for a home to buy is a very exciting experience.Your emotion balanced with logic is the wisest thing to do. Educating yourself about this long and stressful process of home buying will result in the biggest investment that you will be making in your life.Wrong decisions may lead to an irreversible and costly mistake.
So, what should you avoid so as not
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