Why become a homeowner? In a time where the price of homes are rising and tons of prospective homeowners are burden with student debt, is it practical to own a home? Here are the top 10 reasons to become a homeowner and why it is something worth considering.
Having a home connotes security. You need not worry about rents or the possibility of eviction. You can do whatever you want in terms of renovation and design. Your home will be there through thick and thin and will never be in danger of anything. It also allows you to be responsible since you have to pay for it but in the end, it will be all yours.
Buying a home and becoming a homeowner is a form of investment. Home prices most of the time rise through time. If ever you want to get a new home and transfer to a new city then you can sell your home and earn additional money. Investing in homes which are not very costly and foreseeing developments in the future will be key in succeeding as a real estate investor.
Get Tax Benefits
The main tax benefit of owning a house is that the imputed rental income homeowners receive is not taxed. Although that income is not taxed, homeowners still may deduct mortgage interest and property tax payments as well as certain other expenses from their federal taxable income. Additionally, homeowners may exclude, up to a limit, the capital gain they realize from the sale of a home.
If you are married or has a family being a homeowner will add stability to that. There is nothing more relaxing than going home to a house that you own. Your family and you will feel more secure and settled. There are also no landlords to worry about.
Buying is Cheaper than Renting
At first, you might see that buying a home incurs a lot of costs but in the long run, it is cheaper than renting. As the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. More importantly, you are not spending your money on somebody else’s home. Why not pay off your own home than paying off your landlord’s home.
It Contributes to Good Credit Standing
When you buy a home and regularly pays your monthly loan payments on time, it will show your capacity to pay. This demonstrates that you are a good borrower and helps you build a strong credit history. Building a good credit standing will help you in the future when you need other loans including those for buying a car, making home improvements or paying other major expenses.
Become a Homeowner and Be Free
Since you own your home, you are therefore free to create the home that you want. Being a homeowner offers you a freedom to create the living environment of your dreams. You can own pets, paint rooms whatever color you like, make changes to floors and carpeting and do all the things that make a house your home – all without having to get approval from a landlord.
Build Community Relationship
Since you will be staying for good in a community where your home is built, this means developing ties with the community. You will be able to have an impact in your community through the taxes you pay. This, in turn, benefits local infrastructure, schools, and organizations. If you are up to it, you can also have a voice in how things are done in your area.
Your Home is an Emergency Fund
As you increase your equity in your home through repayments, you also have a fund at your disposal. Your home can serve as a collateral for future loans. It is easy to get emergency loans and funding with this method than relying on other methods.
Since you own your home, you can be assured of greater privacy. You are assured that improvements are done on time and security measures are in place without the need for any third party interruption.
Now that you read the above benefits of being a homeowner, why not CONTACT us and we will refer you to our very capable partners which can help you get the money you need. Become a homeowner now!