To many people, owning a home is a dream. It’s also an asset that they can pass on to their children. Here are more reasons you should be a homeowner today:
Your Children Will Thank You For It
Being a homeowner means that your children will always have a place to go back to. It’s going to be the center of their childhood memories-in fact, it’s a permanent place to create fond memories. That’s why homes have such a strong emotional hold on anyone. It becomes even more important as the children grow up and even as they move out.
A home is a foundation that helps build a child’s personality. The quality of home he or she lives in has a great psychological impact. It’s going to affect the quality of adult they become. Owning your own home eliminates the stress of not having a place you can call your own. And the same goes for the children in your family.
It’s also going to be a place where they can play and study. Having your own home makes it easier to send children to school. And finally, a home is going to protect your children from crimes and violence.
A Home is a Financial Foundation
Having your own home is setting you on a path towards financial freedom. This is an investment in the long term. It builds wealth over time. Even if the structural strength and integrity of the house depreciate, the value of the land it sits on appreciates.
There are many reasons why the value of land appreciates. The first reason is that the population is on a steady rise, and so is the demand for land and housing. In simpler terms, land does get created like other commodities in the market. People are also more capable of buying land with steady employment. And finally, there is low interest rate on land than on other investments.
In addition, you also get tax benefits when you own a home. How does it happen? You will likely get an interest deduction from the property tax portion and interest of your mortgage. It’s highly beneficial because you can offset the initial amount of money you shelled out to buy a home.
And don’t forget that opportunity and every single time you pay your mortgage, say a monthly expense, you own more and more of the home. In other words, you are able to amass equity. Compare this to paying rent which is purely an expense. In addition, your equity increases as the value of the land increases as well.
Ultimately, you have more control in house-related expenses. A big comparison is that rent is often volatile and can change depending on your landlord. But if you own the home, you know the terms and conditions of the mortgage. This gives you more stability as to how much you’re going to spend on a monthly basis.
A home is also a prime real estate subject that you can sell for liquid asset. You can use the money to pay off loans, start projects, start a new business, or have the lifestyle you’ve always wanted. You do this by yourself by studying the market and looking at various real estate websites. However, it’s recommended to choose prudently and call in a real estate agent or broker who can help you with the process.
You have more control as to the location of the home you want to own. Remember, not all lands and real estate property appreciates over time. Some might actually depreciate depending on the location.
For example, locations that have a high crime rate and are infamous are more likely going to cause the value of the real estate to depreciate. That’s why you have to do your research before your purchase a home.
Look for a bustling and developing local business fora. Are there new and upcoming shops on the way? What developments are being built?
You also want to look at the facilities and amenities available, because those boost the value of the real estate property in question. Take note of the availability of parks, gyms, grocery stores, and other establishments. You also want to take into consideration how far or close it is to work or to school.
And one of the best parts about owning a home is that you have free decorative rein. That means you can paint it in the colors that you want-or that you can paint at all. Remember that you are not always allowed to renovate in rented places.
You can also have your own yard, and you can do whatever you want to it. You can build a garden, build a garage, or even a studio. You have the freedom to do renovations, build a pool, and invite people over. It’s really one of the dreams that can come true if you own your own house.
The benefits of being a homeowner are numerous. Your children are going to thank you for it, and it’s a reliable financial move. Finally, you can enjoy some positive perks. So, be a homeowner today.
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