One of the decisions that families have to make is whether to buy their own house or get a rental property instead. While conventional wisdom will tell you that renting a home makes more sense than owning one, there are a handful of reasons why it is better to buy your own house.
Increasing Value
This is perhaps one of the best things about having your own house. While it is true that there will always come a point in our lives when we go through what psychologists call the empty nest syndrome, the good news is that you can always sell your house at a much higher price than when you bought it. The thing about real estate is that the value of a property increases over time, barring any economic and political factors that may adversely affect real estate property values, of course. But the whole point is that a home is a very nice investment to have.
More Predictable Costs
Renting a house doesnt give you peace of mind when it comes to your annual rent. You may be paying low now, but changes in the economic landscape as well as ongoing local development efforts can substantially jack up the rental prices for the following years. In short, you may be able to afford your rent now, but come next year, it might not be so. Owning a home, even via mortgage can give security in terms of your expenses. Your mortgage will already specify how much youre going to pay regularly so youll be able to manage your expenses relatively well.
Tax Deductions
Did you know that the property tax and interest in your periodic mortgage payment are tax deductible? This is one advantage of owning a home. You can always file for tax deduction in your tax return. What this simply means is that you will have additional savings in the bank.
Greater Privacy
When you own a home, youre effectively in charge. If youre renting, your landlord still has absolute control over anything and everything related to the house. And if youre the kind of individual who doesnt like having another person to tell you how you need to manage your house, then youd definitely need to purchase your own home.
Pride in Home Ownership
People who own homes are generally happier and prouder about what they have accomplished. This extends well into the community where other families will be more welcoming than if you were simply renting.
Buying a house may not be ideal for some individuals. But for the greater majority, it is the way to go.