Many people are debating about owning or renting a home nowadays. They are not aware that purchasing a home is the biggest and most rewarding step that they can take in their lives. According to a famous musician during a skrillex minneapolis tour, there are many reasons to buy a home especially if you are a celebrity. This post highlights the benefits of owning a home. Keep reading to discover more.
Freedom and control
Owning a home will give you unimaginable freedom and control over your property. For instance, you have the choice to paint the walls any color you wish, decorate, demolish, make changes, expand space just to mention a few. You can take advantage of the freedom and control to build a place that will meet your tastes and requirements. And that is not all. You can make changes and renovations to increase its value if you decide to sell it.
No more rent
One of the ideal financial benefits of owning a home is the fact that you will stop paying rent. Recent research shows that the rent usually goes above and beyond the value of our mortgage. You can decide to pay a fixed rate monthly for the next decade or even more instead of struggling to pay the ever rising rent that gets a good chunk of your income annually. Depending on the area that you live, the value of rent might be astronomical and even rise with the inflation to consume over a third of your salary.
Home prices are rising
The prices of homes are rising each year making them a promising and advantageous long term investment. Experts reveal that the prices of houses will be unimaginable shortly and that is why purchasing a home now will be perhaps the best decision that you ever made.
Another huge advantage of owning a home is that banks are providing mortgages with lower interest rates to encourage more people to become homeowners. Sure these rates can also rise, but the current predictions indicate that they will remain low for a while. On the flip side, a price drop is also a possibility but not very precise on the current market.
Living in one neighborhood for a long time can give you the opportunity to take part in community activities and lets you and your loved ones establish lasting friendships.
Unlike renting, your fixed mortgage repayments will not rise anytime soon. This means that your housing costs will be cut down over the years. However, you have to bear in mind that insurance costs and property taxes will skyrocket.
More home equity guarantees you the chance to borrow money with a second mortgage in the form of a home equity loan. You can use the credit to fund home improvement projects, pay fees, pay medical bills just to mention a few.
There you have it – top benefits of owning a home. Many other advantages could not here, and you can also find out more about them.…