Homeownership—it seems to be the American dream. You can have your own place with perfect windows, a backyard, and the barn door with low profile barn door hardware you’ve been wanting. You can hang what you want, when you want, and where you want. It can give you the freedom you’ve been desiring.
In the current market, owning a house is arguably one of the best steps an individual can make to provide for themselves and their family. If you are looking at purchasing a home, you might wonder what five good reasons to own one are. The following article will discuss this question and more.
What Are Five Good Reasons to Own a Home?
1. Might Be a Wise Investment
To start things off, a house is typically one of your biggest investments. Most individuals view a home as a major purchase, and they will want to know if they are making a wise investment before purchasing it.
In this sense, buying a home is an investment because you are financing the property somehow. The average cost of purchasing a home is around $200-300,000, and the average cost of renting an apartment is around $600-$2500 per month. Many other costs come with owning or renting (i.e., maintenance/vacancy). However, the biggest investment that you are making is to buy a home.
2. The Comfort of Your Own Home
Eventually, you will be spending time in your new home. You must see it yourself to have a good mental image of what it looks like. By this point, many individuals will be looking for the perfect place to live to fulfill their desires.
When you are searching for houses around your location and price range, there are some things that you need to consider when viewing prospective homes. For example, you want to view the property from the front door, not through a window. This way, you can see what the home looks like in person.
It is a common practice to view your home at different times of the day. You want to make sure that you take photographs at different times of day (especially when there are no people around). When viewing a home, it is important to notice certain features that appeal to you. For instance, if one of your prospective properties has a large backyard and a pool, it may be appealing to you because you want your family members and friends to have an opportunity for fun in the water.
3. High Demand
Another important factor you need to consider is the demand for the property you are looking at. Home values are rising; it is straightforward to sell a home for much more than you bought it for. By 2008, the average price was over $250,000. This trend shows no signs of slowing down or stopping, and prices will likely continue to rise over time (especially since the economy has improved). When you purchase a home today, many people are willing to pay more than what you paid for it. This is why some homes sell within three days.
When you own a home, you will never have to worry about where to live (unless you want to move). If you are renting an apartment or house, there is always the threat that your lease can be terminated early. Generally, contracts are set in stone unless they are broken or canceled by both parties. However, only one party has to sign it, meaning that you can always move out if you feel uncomfortable with the terms of your contract.
On the other hand, if you purchase a home and know that you would like to stay there for a while, you are stuck until the end of your lease or until the termination date. To put this into perspective, let’s say your lease is up at the end of March 2017. If you want to sell your home by December 2017 to purchase another property (for whatever reason), it will likely be difficult to find anyone willing to buy your home before March 31, 2017.
5. Tax Benefits
One of the most important reasons to purchase a home is because you will receive particular tax benefits that come along with it. Government programs will provide you with extra money in your pocket. For example, if a homeowner has a mortgage interest deduction (which many homeowners do), they will be able to receive up to $25,000 in tax benefits for each year that they own their home. If you are the sole owner of the property, this can result in a sizable amount of money each year, which may help offset any cost increases from rising housing prices.
Overall, there are many reasons why you should own a home, and the previous article goes over just five good reasons to have your own home. The best thing you can do is to think about whether or not owning a property is something for you. If it is something you would like to do, then it’s up to you to find a suitable property so you can purchase one of your own.