Top 5 Home Ownership Benefits
There are a number of reasons why owning your own home is great, like not having to deal with landlords and downstairs neighbors who complain about noise. Your home is a little bit like your own kingdom, where you can do whatever you like and make as much noise as you want to. While you might not be able to call the superintendent to fix a leak or a clogged toilet, once you feel the freedom that you have from owning your own home, you’ll be happy to fix your own leaks and unclog your own toilets. Here are the top 5 home ownership benefits.
- As a homeowner, you can paint, do renovations, knock down walls, and make any other customizations that you want. If you are renting an apartment or a house, chances are that your lease agreement forbids you to make even the smallest adjustments, like changing carpets or even putting nails in the walls to hang paintings. You won’t need to get permission or even have to think twice about it in your own home.
- If you have a fixed rate mortgage, you won’t have to worry about drastic increases in rent. While some property taxes will increase, you won’t usually have to worry about it too much, because the increase will be minimal. If you live in a rented condo or apartment, and aren’t under rent control, your rent could go up to market value anytime the landlord decides it should.
- With renting an apartment, you are essentially just throwing away money. Unless your rent is dirty cheap, you could be wasting a lot of money by paying monthly rent. With a house, the value goes up and every dollar you put in, you could get back when you sell it, which makes owning a house a much better investment than renting one. Just ask a number of realtors and they’ll say the same thing.
- There are also many personal income tax write offs to encourage people to buy their own homes. Many times property tax and mortgage interest rates can be written off of your taxes. The more you can write off usually depends on the state you live in, but in most states it is a lot more cost beneficial than renting an apartment or a condominium. When you are renting, you can’t write off anything, unless you use a specific room to work in – even then might not be worth it.
- Lastly, a homeowner never has to fear getting evicted. If the landlord decides to sell the property or even move in, it is usually the renter that has to move out. There are some vague and obscure laws about squatter’s rights, but anybody renting an apartment or condominium that gets a notice of eviction usually has to leave in up to 30 days. Owning your own home allows you the sense of personal stability. You can raise a family, live your life and even retire without worrying about moving anywhere.