Introduction
Many people value home ownership a lot. They are proud to be the owners of a home. They take loans and save to make initial down cash payment. There are many advantages to buying a home. In this article, Dc Fawcett discusses the advantages of buying a home.
Sense of achievement in owning a home
People often feel great pleasure in buying a home. The feeling that “it is mine” is great. They can paint it, clean it and alter it the way they like. They can blow a smoke, cheer up with a drink and have their favorite dog as their companion. It is the best emotion in this world.
Inflation
The prices of homes tend to appreciate. Even though the Federal reserve of United States of America tends to keep the interest rates low, inflation is likely to come about soon. In fact the housing costs inflate at a faster rate than the interest rates. When the inflation breaks out, the homes will sell at huge prices and home owners will make huge profits. The rental incomes from these homes will magnify.
Tax benefits
Home owners have to pay property taxes and monthly mortgage payments. These get deducted from the annual taxable incomes.
Better health, immense satisfaction
This is obvious is it not? Home owners feel a high amount of pleasure and an immense amount of satisfaction. They have a higher interest in their neighbors and socialize better than rental counterparts. They feel that they are going to spend their entire life time in the home and establish good relationships. This happy life makes them more healthy and prosperous.
Have a greater sense of duty
They take higher interest in the affairs of the home like security, maintenance and so on. In a multi family home, it is often the home owners who come down to meetings and volunteer to help in resolving common issues.
Children of home owners grow up to be smarter
This is a psychological factor. Children of home owners tend to acquire better skills. When they live in their own homes from childhood, the urge to own a home when they grow up develops in their young age. They tend to acquire better skills wanting to excel in their dream profession. They also tend to excel in studies. The parents of such children also elevate their job oriented skills to a higher level since they need sufficient money to pay the mortgages. These skills get shifted to their kids also. But it may turn out to be the other way. Such children may think that they already have a home and will become lazy. But on the positive side, they tend to be active and smart.
Conclusion
Many people of the millennial generation want to buy a home before prices become too high. It is mainly for rental income and for equipping themselves with a worthy asset. The points listed above are some of the main advantages of home ownership as discussed by Dc Fawcett.