If you think that it is worth buying a home, you are not alone. Although the phrase sounds so familiar that this is a great time to buy a home, many people wonder if there are advantages of owning a property. Surely, you have heard that the value of the homes are dropping or it is better to rent than buy, but the truth is that buying a home is still part of the dream for millions of families who long for home.
Here you will see a list of the benefits of buying your home. Sure, this is a purchase that comes with obligations, and before you make be assessing whether the owner is for you or if it fits your current reality.
1. You will feel that you have a safe roof for you and your family:
To call the space you inhabit, as “my house” will make you feel confident. This way you own the rights of the property and have a feeling of being proud. Buying a new house will give you a sense of accomplishment to feel you reach one of your most desired personal and financial goals, and that will contribute to a better quality of life for you and the whole family.
2. It gives you stability:
It is true that on the psychological levels, investing in a home brings in a sense of permanence and stability to the investors. If you have plans to start up your family and buy a home, you can ensure great financial stability for yourself as well as your children. It is indeed a satisfying experience to have your own asset, which can assure you about great returns on investments in future.
3. Home Purchase is a big investment:
It is true that unlike a few years ago, you may not immediately gain the value of your property. However, long-term real estate investment remains safe and there are many experts who think that the worst of the economic crisis is over and they foresee the future with optimism.
4. Tax savings:
Depending on the financial situation and the tax laws that apply to your dwelling place, you could deduct the interest on your home loan from your yearly taxes. In the U.S., depending on where you live and if that is your main housing, you could have a tax exemption, which sometimes is automatic. To learn how you benefit the purchase and your responsibilities regarding taxes, consult an expert!
5. Owning gives you independence:
You can make your own decisions and eliminate problems faced with the with property owners. Many of them tend to inspect the houses on rent, which sometimes create uncomfortable situations for the residents. Owning also means you can paint the interior walls of the color you like, you can have pets, change the carpets, and put that wood floor that you like, or you can even build a deck or an extra room.
Risk analysis
The property rates have grown up remarkably, because in developing countries like India, the capital values can be kept high over a long period. However, rental income grows at more realistic rates as they represent the true demands and functionality. Most rent agreements have a clause for 10% annual hike in the rental values, but property prices generally double every five years if you live in a metropolitan city. Nevertheless, the stock markets can also give you a return of a whopping 20%, hence it is always advised to do a risk analysis before buying the property. So always, consider the pros and cons of investing in properties.