For many Americans home ownership is a dream and trumpets renting or living in an apartment. Read on to discover the benefits and advantages of owning your own property.
Independence and the ability to make any changes you see fit to your home is one of the main reasons why many Americans choose home ownership. Apartment dwellers generally need to ask for permission before painting the walls a different color and in most cases aren't allowed to make even minor changes in the physical appearance of their unit.
The ability to build a substantial amount of equity is another plus for many families. Once you have built up some equity it can be used to dip in via a home equity line of credit in case of an emergency such as medical bills. Compare this to renting where you'll never see your money again once the rent is paid.
Having a larger amount of space is another big advantage if you buy a house. Apartment dwellers have to often contend with loud neighbors and music whereas home owners tend to have more space. This only applies to those who own houses; those who purchase a condo may still have to deal with neighbors.
Retiring is also a lot easier if your mortgage is paid off. You won't have to worry about the mortgage bill but just day to day living expenses. Not having to worry about the rent will allow for much more disposable income.
Tax deductions are also a major plus. Individuals may qualify for deductible property taxes if they are a first time home buyer. Mortgage interest is also deductible for tax purposes as long as the mortgage balance is less than your home price.
Owning a house allows you to take advantage of lower rates. If you are locked in a low rate with a fixed mortgage you get to keep it even if rates increase (View curent loanDepot fixed rates). However, if rates decrease even lower you may be able to refinance and obtain additional savings if you qualify.
